June Nymex WTI crude oil prices have fallen for the fourth straight session Wednesday, pressured by risk aversion as market jitters intensify over the uncertainty surrounding Greece. WTI has now fallen below $93.00 a barrel, with the market slumping to a session low of around $92.55. Prices have been steadily falling during Asian traded hours from opening levels of $93.15 with the market failing to make an impression above $93.44 a barrel. WTI is currently trading $92.68 down $.30 from the NY close moving lower in tandem with some sharp falls seen in Asian stocks this morning whilst also observing commodity related currency AUD extending its losses to the downside. A larger than expected rise in U.S. crude stocks has done nothing to lift the negative bias, with a 6.6mln barrel increase in the week to May 11 reported from the American Petroleum Institute (API), way above the expectations of a 1.7mln barrel increase. The U.S. Energy Information Administration (EIA) will release its weekly petroleum inventory data later today at 1430GMT.
EasyForexNews Research Team