November Nymex WTI prices are trading moderately higher Tuesday attempting to stabilise above $92 after some sharp declines from the previous session. November WTI ended Monday’s session 96 cents lower at $91.93 a barrel as renewed European debt anxiety resurfaced adding pressure to oil prices. Weaker than expected German IFO data did nothing to lift the mood as WTI hit lows of $91.06 a barrel, with a stronger showing from the US dollar also contributing to weaker oil prices. This morning, WTI prices are attempting to consolidate above $92 a barrel ahead of weekly supply data. The American Petroleum Institute (API) is due to release its inventory report later today, with market participants of oil also focused on the US Energy Information (EIA) data due on Wednesday. WTI prices have modestly climbed from a session low of $91.95 to edge back higher to an intra-day high of $92.38, with the November contract currently seen trading $92.11 a barrel, up 18 cents on the session.
EasyForexNews Research Team