June Nymex crude oil prices are currently trading $104.83, down 10 cents on the session, with the market observed in a tight trading range as parts of Asia are absent due to a public holiday. The WTI contract dipped early on in thin trading conditions, with traders looking for a stronger catalyst after some weaker than expected U.S. growth data was observed at the tail end of last week. Prices opened in Asia around $104.73 and have since ranged from a low of around $104.66 to a high of $104.85. The U.S. Energy Information Administration (EIA) announced on Friday that global oil supply exceeded demand by 500,000 barrels per day over the course of the last two months as Saudi Arabia lifted output, more than countering rising non-OPEC outages. On the technical side, resistance for June WTI remains at $105.62 amid the trend lower seen since early March, where prices declined from $110.54 a barrel to register a low of $100.68 on 10th April. Moderate support is seen at $104.50 and more significantly at $104.22 should prices start to decline.
EasyForexNews Research Team