November Nymex WTI prices are trading in negative territory Monday but are off of their worst levels of the session. November WTI futures ended Friday’s session 47 cents higher at $92.89 a barrel. Prices moved sharply lower during Asian traded hours this morning amid fresh concerns surrounding Spain and Italy, with a risk-off theme present across financial markets. Reports of a rift over the weekend between Germany and France on when to centralize banking supervision has also unsettled markets. Oil prices have also been weighed by a weak showing from the euro this morning, which has given up some ground on fresh concerns over Spain and Greece whilst a stronger showing from the US dollar has also taken its toll on oil prices. November WTI fell away sharply from highs of $93.18 to post a session low of $91.78 a barrel, before prices staged a recovery to around $92.39. November WTI is now currently trading $92.14 a barrel, down 75 cents on the session.
EasyForexNews Research Team