May Nymex WTI crude prices have been steady this morning in Asia trading a $103.20-56 range in quiet trade after yesterday’s sharp fall led by equities and further talk of releases of Strategic Petroleum Reserves (SPR),with White House spokesman Jay Carney saying ” the option is on the table but no decision has been made”. WTI plunged from highs of $105.58 to $102.13 before rallying later with equities to close the NY session at $102.78 and later on the electronic market at $103.33. The IEA’s Maria van der Hoeven expressed concerns that high prices could damage the global economy and stated she “will remain in close contact with member countries to exchange views on the oil market situation” adding that “IEA was created to respond to serious physical supply disruptions”. Today’s support is seen at $102.13 and $101.37 with resistance up at $104.19 and $105.60. May ICE Brent closed in NY at $122.67 after falling to $121.37 from $124.64 and is trading around $122.75 this morning. Support lies at $121.69 and $121.19, with resistance seen up at $122.80 and $123.59.
EasyForexNews Research Team