July Nymex WTI crude is trading in positive territory Monday, tracking some modest gains in Asian stocks and an improving euro in FX markets. July WTI futures had initially slipped to a low of around $91.14 after early trading in Asia saw some risk assets continue to extend to the downside. Since then, prices have turned higher amid a stop driven rally in the euro and a rebound in Asian stocks. WTI prices have moderately recovered after comments made at the weekend by Chinese Premier Wen Jiabao raised hopes for further fiscal and monetary easing measures from Beijing. A week after China released some disappointing economic data for April, Wen highlighted the importance of adjusting policies to avoid an economic slowdown. WTI has traded up to a session high of around $92.35 a barrel and is now trading $92.15 a barrel, in the front month July contract, up 35 cents from Friday’s NY close.
EasyForexNews Research Team