November Nymex WTI prices are trading marginally lower Friday after recovering some of the sharp losses seen during Wednesday’s rout. November WTI futures ended Thursday’s session $3.57 higher, or 4.1%, at $91.71 a barrel after prices staged a recovery amid rising hostilities between Syria and Turkey spurring supply concerns. Oil prices also received a boost from some strength observed in the euro after ECB President Mario Draghi said that the common currency was “irreversible”. The US dollar also remained weak after Draghi’s statements which helped underpin oil prices for the remainder of the session. November WTI prices have been tied to a narrow trading range so far this morning ahead of key US employment data due later today at 1230GMT. WTI has edged its way back from an intra-day high of $91.62 to hold at session lows of $91.29, with the market currently attempting to remain in consolidation mode trading $91.38 a barrel, down 33 cents on the session.
EasyForexNews Research Team