July Nymex WTI prices are trading in positive territory Monday following the outcome of Sunday’s elections in Greece, which saw the nation’s pro-bailout parties winning by a slim margin. WTI prices did, however, take a sharp correction back from their opening levels seen in Asia with prices initially subject to a fall from $85.56 a barrel to session lows of $84.46, as investors continued to exercise an air of caution ahead of the European market’s reaction to the Greek election results. After the initial slide back, WTI prices then recovered to around $85.22 with the market now settling a little to trade just below $85 a barrel at $84.95, up 92 cents from Friday’s NY close. WTI prices look set to track the progress of FX pair Euro-Dollar as Asian markets lean more towards the reaction in London, with the risk-on theme in Asian trading so far seen on a more cautious level.
EasyForexNews Research Team