June Nymex crude oil is currently trading $104.71 on Tuesday, down 16 cents on the day so far, after prices posted a close of $104.87 for Monday’s session. Very little movement has been observed during Asian trading hours, with prices slipping back to a low of around $104.62 after being up at $104.90 early on. An expansion in Chinese manufacturing has helped offset gloomier economic outlooks across Europe. China’s vast factory sector grew at a slightly higher rate in April from the previous month. The world’s second largest oil consumer is expected to account for almost half of global incremental oil demand this year, according to the International Energy Agency. Support in WTI is seen just below $104.00 at $103.92 should prices start to decline, whilst minor resistance is seen at $105.04. Looking ahead the American Petroleum Institute (API) will release its report today at 1630EDT (2030GMT). EIA will issue is data on Wednesday at 1030EDT.
EasyForexNews Research Team