July Nymex WTI prices have advanced Monday in tandem with a risk rally seen across Asia for much of the session. Signs voters in Greece may back austerity measures required for a European Union (EU) bailout has seen risk assets subject to some short covering in Asia, with July WTI rallying to currently trade $91.74 a barrel, up 88 cents from the NY close, after posting an intra-day high at $91.81. Prices have been in a steady advance after weekend opinion polls in Greece showed pro-bailout party New Democracy gained maximum votes. WTI prices have also been underpinned by the news that Iran have said no to a U.N. visit, with the Iranian media saying that the U.N. nuclear watchdog has not yet given good enough reasons to visit an Iranian site, where it suspects there may have been experiments for developing nuclear weapons. The modest rally in WTI has now seen daily RSI studies move out of oversold territory, after spending much of last week languishing in oversold territory. There will be no floor trading in New York today because of the Memorial Day holiday.
EasyForexNews Research Team