July Nymex WTI prices have now slipped back to around unchanged levels Tuesday, in consolidation mode after prices attempt to recover from yesterday sharp slide. WTI prices had gapped higher on Asia’s opening Monday morning but prices came under severe pressure after an alarming rise in Spanish bond yields quickly erased any hopes of a rally in oil prices following the results of the Greek election. WTI prices slumped back to lows of $82.05 a barrel before recovering well to trade back up to $83.86 as some flows came back into risk assets later on in the U.S. session. Prices in Asian this morning have been in a fairly narrow range with highs of $83.66 a barrel posted in the earlier part of Asian traded hours. Prices are now turning into slight negative territory, currently trading $83.25 a barrel, down 2 cents from the NY close. Market participants will also be eying the progress of talks in Moscow with Iran, which ran yesterday and continue today, over the country’s nuclear program.
EasyForexNews Research Team