September Nymex WTI prices are trading moderately higher Friday, consolidating after the sharp losses observed during the previous session. WTI ended Thursday’s session down $1.78, or 2%, at $87.13 a barrel, after ECB President Mario Draghi disappointed financial markets at yesterday’s eagerly awaited press conference by not implementing any fresh stimulus measures to sooth investors after the market had previously been fuelled with expectation. After market participants appeared to throw up their hands in despair at the lack of substance from the ECB, WTI prices tumbled to lows of $86.92 a barrel at one stage before tentatively recovering in volatile trade. Focus will now turn to today’s key US employment report, due at 1230GMT. The general consensus is looking for an increase of 100k, although some shrewder judges are calling for plus 90k with the jobless rate unchanged at 8.2%. After a choppy overnight session, WTI prices have been consolidating in a slow Asian session, with the market holding at lows of $87.23 a barrel and has just printed a fresh session high of $87.63, now trading $87.56.
EasyForexNews Research Team