October Nymex WTI prices are trading marginally higher Thursday as markets await the FOMC policy decision, due later today at 1630GMT, followed by Federal Reserve Chairman Ben Bernanke’s news conference around two hours later. October WTI futures ended Wednesday’s session 16 cents lower at $97.01 a barrel, after stockpiles showed an unexpected increase in the US last week. The Energy Information Administration (EIA) reported a rise of 1.99mln barrels last week to 359.09mln barrels for the week ending Sept 7 against market analyst’s expectations for a fall of around 2.9mln barrels. The bearish inventory data sent WTI prices on a sharp decline after they had managed to print above $98 a barrel during the morning, with prices plunging to as low as $96.67 after the release of the supply data. WTI has now stabilised just above $97, picking up from session lows of $96.78, posted during Asian traded hours, to reach an intra-day high of $97.15. October WTI is currently trading 97.05 a barrel, up 4 cents on the session.
EasyForexNews Research Team