November Nymex WTI prices are trading lower Monday after holding on to some marginal gains during the previous session. November WTI ended Friday’s session 34 cents higher at $92.19 a barrel after ending the quarter up 8.5%. WTI prices have weakened this morning after the release of some weak Chinese manufacturing data and a negative Japanese Tankan business sentiment survey. The weaker than expected data, released over the weekend, showed China’s September manufacturing PMI showed an improvement from the last month at 49.8, but is still under the 50 mark and failed to beat the consensus of 51.2. WTI prices have steadily declined this morning from highs of $92.18 to hold at a session low of $91.26, with the market currently seen trading $91.51 a barrel, down 68 cents on the session.
EasyForexNews Research Team