July Nymex WTI crude prices have edged their way higher Tuesday, holding steady above $91.00 a barrel. Trading has been largely range bound coming off of yesterday’s U.S. holiday, with prices dipping early on in Asia from around $91.39 a barrel to session lows of $90.87 after some risk assets came under pressure from Japanese selling which also saw the euro near a two month low against the USD. July WTI prices then steadily recovered to $91.34 with prices slightly underpinned by some lingering concerns surrounding Middle East oil supply. WTI prices are likely to remain in consolidation mode with no real direction anticipated before the Greek elections, OPEC meeting and the next wave of Iranian talks, all scheduled to be held in June. July WTI crude prices are currently trading $91.33 a barrel, up 47 cents from the NY close.
EasyForexNews Research Team