September Nymex WTI prices are trading marginally higher Monday, extending their gains from the previous choppy session. September WTI futures ended Friday’s session 41 cents higher to post a close of $96.01 a barrel. WTI prices have edged their way higher in early Asian trading this morning after the White House’s plans to release emergency oil reserves to dampen rising gasoline prices in the country was opposed by its Asian allies in addition to the International Energy Agency (IEA). Prices also remain underpinned by some rising tensions observed in the Middle East, with violent incidents of unrest seen in oil-rich Libya and Yemen on Sunday. WTI prices have been in a narrow trading range so far this morning, holding at session lows of $96.11 a barrel before trading an intra-day high of $96.41, with the market currently seen trading $96.24 a barrel, up 23 cents on the session.
EasyForexNews Research Team