The May contract is up almost $1 from early lows in Europe of 106.65 to highs of 107.41 recently.
Today’s weekly inventory report from the American Petroleum Institute is expected to produce a build of around 2.75 million barrels for the latest reporting week, which could well dampen the latest bull run.
IEA economist Birol has been stressing concerns over the latest increases in crude prices which have risen to record highs against the pound and euro and could threaten a Europe wide recession.
This, together with reduced forecast in global demand from the US Dept of Energy could well weigh down prices later in the day if the build turns up to be in lione with the analysts expectations.
There is nearby resistance at 107.85 and 108.20/25 , with technical support towards 106.20 and 105.15
May WTI is sitting around 107.05
