Nymex May WTI crude prices have slipped back in Asian at the start of the new week, having spiked in NY on Friday on news that Iranian oil exports had fallen by 300k barrels a day according to a report from Geneva based tanker tracker Petrologistics. Some say the move could also have been attributed to a “fat finger” trade error, but the Iranian story remains the most likely, with other factors such as Israeli troop movements and a Korea missile launch largely discounted. The contract leapt from $105.16 to $108.25 before closing the week at $106.87. Latest CFTC data reports money managers decreasing net long positions by around 3.4% largely on profit taking, with producers decreasing net shorts by 3.22% over the latest week. Asian markets have seen slippage to $106.53 this morning with the contract currently trading around $106.60. Today’s support is seen at $106.20 and $105.41 with resistance at $107.64 and $108.33.
EasyForexNews Research Team