May Nymex crude prices are steady around $106.75 in Asia this morning in quiet trade after the WTI contract posted small losses yesterday. The API weekly inventory report showed a build above analysts expectations of 3.6 million barrels , which may have weighed on prices later in the session, but the more telling weight came from DOE acting Asst Sec McConnell who hinted at the possibility of release some oil from the Strategic Petroleum Reserve in the event of any supply restrictions. WTI fell back from $107.53 to $106.52 closing the session at $107.33 before slipping in after hours trading to $106.69. Today sees the release of the more definitive EIA inventory data at 1430GMT with analysts latest forecasts predicting a build of around 2.55mmbls. Support for WTI comes in at $105.95 and $104.57 with resistance at $108.25 and $108.71. ICE Brent is trading around $124.90 this morning and support here runs at $124.22 and $122.90 with resistance at yesterday’s highs of $126.18 and $126.86.
EasyForexNews Research Team