July Nymex WTI prices are trading in negative territory Friday after giving up some gains during Asian trade. Prices edged their way higher to around $91.04 a barrel early on in the session, but then began to fall away quite sharply as Asia developed a risk-off theme for the remainder of the session. WTI fell to intra-day lows of $90.21 a barrel, before recovering modestly to $90.59. Prices had steadied a little last night after some recent sharp declines, after Iran and major world powers failed to reach an agreement on Tehran’s nuclear program, and set a date for more talks in Moscow next month. After discussions in Baghdad between envoys from Iran and the six powers ran late into an unscheduled second day, EU foreign policy chief Catherine Ashton said it was clear that both sides wanted progress and had some common ground, but significant differences remained. The move to the $90 level in WTI has prompted some traders to do some damage assessment on a market that has shed around 10% so far this month. Prices are still languishing in RSI oversold territory on the daily charts. WTI is currently trading $90.55.
EasyForexNews Research Team