June Nymex WTI crude oil is trading in negative territory Friday, pressured by some extended risk aversion as market participants become increasingly concerned over the uncertainty surrounding Europe’s ongoing debt problems. WTI had originally held above $92 a barrel at the tail end of the U.S. session, supported by the planned start of a U.S. pipeline that will help ease a Midwest oil glut. Prices had edged up to highs of $92.78 before meeting some heavy selling pressure, driven by a falling euro across FX markets where some French banks were labelled as heavy sellers of the troubled currency. Risk sentiment looks to be under severe pressure this morning which has contributed to oil prices coming under stress towards the latter part of the Asian session. WTI has fallen steadily from its session highs to now trade near session lows at $91.64 a barrel, down 92 cents from the NY close.
EasyForexNews Research Team