July Nymex WTI prices are holding steady in positive territory Thursday, with prices in a range of $82.28 to $83.07 so far during Asian traded hours. WTI opened the session around $82.43 before prices eventually slipped to lows of $82.28. A steady recovery has seen WTI climb back to near session highs of $83.07 to currently trade $83.06 a barrel, up 44 cents from the NY close. Price action has been of a more subdued nature with investors reluctant to take any sizeable positions ahead of a meeting of producer group OPEC and this weekend’s Greek elections. Saudi Arabia came under pressure yesterday from fellow OPEC producers to reduce oil output to prevent an additional slide in crude prices. WTI prices have held reasonably well so far today considering a sour risk tone being present in Asia amid a Moody’s Investors Services downgrade of Spain by three notches to Baa3, just one level above junk status. A stable performance from the euro has helped stabilise oil prices a little, with WTI likely to spend most of the morning tracking the progress of FX pair EUR/USD.
EasyForexNews Research Team