November Nymex WTI prices are trading in negative territory Monday as markets gear up for the EU leaders summit, expected Thursday into Friday. November WTI ended Friday’s session 21 cents lower at $91.86 a barrel but still managed to post a gain on the week amid rising geopolitical tensions between Turkey and Syria. Some fresh euro concerns have returned to the market this morning, as another weekend passed without a Spanish request for aid. November WTI prices fell away quite sharply early on during Asian traded hours to retreat to a session low of $90.82 a barrel before finding some support to get back above $91. Oil prices also remain pressured by some gains seen in the US dollar which has posted some gains across the board in FX markets so far this morning. November WTI recovered to $91.27 from its intra-day low of $90.82 and is now seen trading $91.06 a barrel, down 80 cents on the session.
EasyForexNews Research Team