June Nymex crude oil is holding steady above $105 a barrel Thursday, with the market currently seen trading $105.03 down 19 cents. Prices entered the Asian session coming off of a decline seen yesterday after data showed a rise in U.S. crude inventories for the sixth straight week, the highest level since 1990, with 2.84mln barrels added in the week to April 27th, the Energy Information Administration said in its weekly report. Trading has been lacklustre during the Asian session, with Tokyo absent as Japan continues the Golden Week vacation. Prices have slipped back from $105.40 to hold just above $105 a barrel at $105.04, with the market currently trading $105.10, down 12 cents. Resistance is seen above at $106.78 should prices start to advance. Support is seen around $104.56, the 200-day moving average on the hourly chart, which has provided a good area of support over the last few sessions.
EasyForexNews Research Team