May Nymex crude prices have eased back in Asia this morning on a general risk-off environment with sharp falls in commodity currencies and a slide small slide in Gold. The front month WTI contract is currently trading down after opening the week at $102.80, and has slipped to lows of $102.04 in recent trade. Latest CFTC data saw a rise in open interest in Nymex/Brent futures, but money managers did pare back net longs by around 11.5% although producers cut net shorts by around 15.8%. Weekend talks between Iran and leading nations have had little price impact with the fall this morning seen more in tandem with the EUR/USD and general risk aversion, but the nations have all agreed to a 2nd round of talks on May 23 in Baghdad in an effort to avoid an international crisis. EU’s Ashton said talks were “constructive” and indicated that Iran was serious about negotiations. Today’s support for WTI is seen at $101.24 and $99.64 with resistance at Friday’s high of $103.90 and $104.42.
EasyForexNews Research Team