September Nymex WTI prices are trading moderately lower Tuesday with the market in consolidation mode after yesterday’s gains. September WTI ended Monday’s session 80 cents higher, or 0.9%, at $92.20 a barrel, the highest close posted since July 19. Prices had been subject to a spike higher after a Twitter rumour from an account claiming to represent Russian interior minister Vladimir Kolokoltsev tweeted at 9.59am ET that Syrian President Bashar al-Assad had been killed or wounded. The Russian Interior Ministry later denied issuing the statement stating that it was not connected to the Twitter account. The news still triggered a move higher in WTI, with prices advancing rapidly from $90.82 to $91.99 a barrel before paring back and holding at $91.50 after the rumour was denied. A weaker showing observed in the USD helped underpin prices for the remainder of the session. Prices have been in a narrow range during the Asian session, holding at lows of $91.82 and trading an intra-day high so far of $92.16, with the market currently seen trading $91.90 a barrel, down 30 cents on the session.
EasyForexNews Research Team