September Nymex WTI prices are trading marginally higher Tuesday in consolidation mode after yesterday’s moderate losses. September WTI futures ended Monday’s session 14 cents lower at $92.73 a barrel, with prices showing a little fatigue after a decent series of runs higher. Rising tensions in the Middle East continues to underpin some of the dips in WTI, but a noticeable divergence is building between WTI and Brent Crude. Continued tight supplies from Europe’s North Sea once again boosted Brent futures on Monday, closing 58 cents, or 0.5%, higher at $113.53 a barrel, whilst the US oil benchmark, WTI, posted narrow losses. The spread has risen to $20.77, the biggest gap between the two in three months, since $20.87 on April 3. In terms of supply, US crude stockpiles were expected to have fallen last week by around 1.75mln barrels, according to latest analyst’s estimates ahead of an Energy Department report tomorrow. WTI initially slipped to lows of $92.56 in Asia this morning before edging back to intra-day highs of $93 a barrel, with the market currently trading $92.85, up 12 cents on the session.
EasyForexNews Research Team