July Nymex WTI crude oil prices are trading lower Wednesday, extending losses seen from the previous session. Oil remains pressured by risk aversion surrounding the eurozone, with yesterday’s lower growth forecasts from OECD adding to an already fragile environment in the oil market. Prices have also been pressured by the news that Iran has agreed to grant access to United Nations (UN) nuclear inspectors and an increase in U.S. crude stockpiles. July WTI has extended down to session lows of around $91.07 a barrel and is currently trading $91.11 down 74 cents from the NY close amid a risk-off theme in Asian markets. UN inspectors and Iran yesterday broke a five-year stalemate with a deal that gives the International Atomic Energy Agency (IAEA) access to the nation’s Parchin military complex, according to IAEA head Yukiya Amano. On the supply front, U.S. crude inventories showed a rise of 1.5mln barrels last week, according to data released from the American Petroleum Institute.
EasyForexNews Research Team