August Nymex WTI prices are in consolidation mode Thursday, extending their gains ahead of the EU summit. WTI futures rallied as
much as 0.6% during Wednesday’s session to post a close of $80.21 a barrel, the highest close observed for a week. WTI prices have also been underpinned by a larger than expected fall in oil output from Norway, after its oil workers staged industrial action. The government of Norway , the world’s eighth largest oil exporter, is far from intervening in a strike by oil workers, the country’s labour minister said on Wednesday. The strike has cut production by around 240,000 barrels of oil a day, or 15% of capacity, the Norwegian oil industry association (OLF) said. WTI prices have been stable so far this morning during Asian traded hours, holding at $80.36 a barrel on the downside and so far posting an intra-day high of $80.69. WTI is now currently trading $80.51 a barrel, up 30 cents from the NY close.
EasyForexNews Research Team