October Nymex WTI prices are trading in positive territory Wednesday, attempting to break two consecutive days of declines. October WTI futures ended Tuesday’s session $1.33 lower, or 1.4%, at $95.29 a barrel as prices came under pressure after a senior Gulf source said Saudi Arabia is working to lower oil prices and is producing around 10mln barrels per day. In addition, OPEC members and other producers would be increasing output over the next few months in an attempt to limit any further spike in oil prices. Despite the threat of Saudi Arabia pumping more oil into the market, WTI prices have staged a recovery during Asian traded hours this morning, advancing from a session low of $95.35 a barrel to a session high of $96.04 after prices closed the previous session below the 200-day moving average of $95.57. October WTI futures, which expire tomorrow, are currently seen trading $95.90 a barrel, up 61 cents on the session.
EasyForexNews Research Team