September Nymex WTI prices are trading lower Friday, as some of the supply worries priced into the market ease a little, creating a moderate correction lower after yesterday’s strong gains. September WTI ended Thursday’s session $1.27 higher, or 1.4%, to settle at $95.60 a barrel, the highest since May 11. Prices have fallen back this morning amid news that the White House is reviewing an old plan for a potential release of oil reserves to dampen a rise in gasoline prices in the world’s largest consumer. Prices have also been dampened by easing concerns of a supply disruption from the Middle East after Israeli comments on Iran reduced some of the recent conflict fears with Israeli President Shimon Peres downplaying the prospect of a unilateral strike on Iran. WTI prices reached highs of $95.75 during Thursday’s session as September options expired after the close. This morning prices have pared back from session highs of $95.48 a barrel, to trade down in the last few minutes to intra-day lows of $94.98. September WTI is currently trading $95.14 a barrel, down 46 cents on the session.
EasyForexNews Research Team