Investing.com – Nymex crude prices fell during Asian trading hours on Tuesday as the markets tried to balance the concerns of the slowdown in emerging economies with the strength of stock markets in the U.S. and conflicts in the Middle East.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in April traded at $102.61 a barrel during Asian trading, down 0.16%.
On Monday, the New York-traded oil futures hit a session low of $102.58 a barrel and a high of $102.87 a barrel to settle at $102.78 a barrel.
Nymex oil futures were likely to find support at $101.71 a barrel, Friday''s low, and resistance at $104.06 a barrel, the high from Oct. 8.
On Monday, market talk that inventories are set to fall at a widely-watched delivery point in Cushing, Oklahoma sent oil prices rising.
In January, the Keystone XL pipeline linking Cushing, Oklahoma, to the U.S. Gulf Coast began making deliveries, which was to end bottlenecks and supply gluts in the U.S.
Forecasts for a powerful winter storm to trek across the U.S. this week as well as ongoing political instability in Libya, South Sudan and Venezuela also supported the commodity.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for April delivery were up 0.02% and trading at US$110.68 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$8.07 a barrel.