Nymex crude prices are steady in Asia this morning in a $106.30-89 range after a mixed day yesterday in NY. The contract traded a $105.67-107.35 range but managing to post a small gain into the close at $106.71 from opening levels of $106.55. The lows were seen on the back of broad based dollar strength following improved retails sales, but a late equity rally lifted the April contract back up. Last nights API report suggested a weekly build of 2.78 million barrel build in crude inventories which was above analysts expectations of around 1.6mmbls, and the build was largely made up of 2.53mmbl increase in stocks at the Cushing Hub. Traders will now be waiting on the more definitive EIA data this afternoon at 1530GMT for confirmation. The April WTI contract is currently trading around the lower end of the Asia range and support is seen at $106.07 ahead of $105.20. Resistance is noted up at $107.56 and $108.22. ICE Brent for April delivery is sitting around $125.85, with support there seen at $124.89 and $124.42. Resistance is up at $126.25 and $126.92.
EasyForexNews Research Team