Crude oil trades down on strong dollar

Crude Oil prices continued down trend traded near $102 on ending winter season resulting in record inventory build. Crude oil inventories at Cushing, Oklahoma rose by 1.69 mb to 40.3 mb to the highest level since 2004.
Oil prices also remained under pressured on weak global cues on poor economic data from US and China. The jobless claims in US rose by 397 while trade deficit widen to $46.3B.
Oil production at Ras Launaf, Libya's refinery hub shut due to fresh clashes between rebels and government forces. The rumors came out yesterday saying Gaddafi has sent a representative to the Libyan National Council in Benghazi to discuss stepping down.
Natural gas futures pared gains after EIA reported lesser than expected decline in natural gas inventory. Natural gas stockpiles declined by 71 Bcf against prior decline of 85 Bcf.
NYMEX Crude oil has important resistance at $104 with crucial support at $99.
Crude Oil: S1=4590, S2= 4550 R1= 4680 R2=4710
Natural Gas: S1=172, S2=169, R1= 176, R2=178

(Source: http://www.commodityonline.com/futures-trading/technical/Crude-oil-trades-down-on-strong-dollar-22513.html)