November Nymex WTI prices are trading sharply lower Thursday extending their losses from the previous session. November WTI futures ended Wednesday’s session $3.32 lower at $92.30 a barrel. The October contract, which expires later today, closed $3.31 lower, or 3.5%, at $91.98 a barrel. The sharp sell-off was the biggest in a single day since July 23 and saw prices return to their lowest level since Aug 3. Oil prices continue their descent amid concerns that Saudi Arabia, the world’s largest exporter, wants to see lower prices and reassured consumers that it would act to moderate prices. Data published by the EIA Wednesday showed that the amount of crude oil in storage in the US last week rose by 8.5mln barrels, above analyst’s expectations of an increase of 500,000 barrels. November WTI prices have extended to the downside during Asian traded hours this morning after initially posting a high of $92.47. Since then a steady decline has seen prices hit a session low of $91.18 a barrel, with the November contract now seen trading $91.34 a barrel, down 96 cents on the session.
EasyForexNews Research Team