October Nymex WTI prices are trading higher Friday extending their gains from the previous session. October WTI futures ended Thursday’s session $1.30 higher at $98.31 a barrel, boosted by the US Federal Reserve’s decision to launch an aggressive open ended effort to stimulate the flagging US economy by injecting an extra $40bln into the economy each month through purchases of mortgage-backed securities. The FOMC policy decision sent oil prices to a four month high, as the US dollar extended its recent weakness across FX markets. October WTI prices have since extended to the upside during this morning’s Asian session, advancing from lows of $97.99 to print an intra-day high of $99.46 a barrel, with the market currently seen trading $99.29, up 98 cents on the session.
EasyForexNews Research Team