June Nymex WTI crude oil is trading slightly lower Thursday with prices remaining pinned in a fairly tight range during Asian traded hours. June WTI is currently trading $96.68 a barrel after settling down 20 cents at $96.81 on Wednesday. Prices had staged a moderate rally during the previous session buoyed by the news that Greece would receive its latest debt bailout payment, which in turn slightly eased concerns that Europe’s woes could affect demand. The board of the European Financial Stability Facility ((EFSF) agreed on Wednesday to make a payment of E5.2bln in emergency aid to Greece, overcoming opposition from some eurozone member states. In terms of oil supply, U.S. crude oil inventories showed a rise of 3.65mln barrels last week, the Energy Information Administration (EIA) said in its weekly report, more than analyst expectations. However the inventory boost in the EIA data was much less than the rise of 7.8mln barrels reported by the American Petroleum Institute on Tuesday. WTI prices remain in a slight negative bias, with support seen around $95.25 a barrel.
EasyForexNews Research Team