August Nymex WTI prices are trading around unchanged levels Wednesday and have been confined to a narrow range so far this morning. WTI prices edged their way higher to highs of $79.58 a barrel before moderately reversing back to print session lows of $79.26, a level that has acted as minor support so far during Asian traded hours. The contract yesterday posted a 15 cents gain, or 0.2%, to $79.36. Prices swung between gains and losses after the American Petroleum Institute (API) said inventories showed an unexpected rise to 507,000 barrels last week. A government report from the Energy Information Administration (EIA), due later today at 1430GMT, is forecast to show a decline for crude stockpiles by 1mln barrels, a rise of 300,000 for gasoline inventories, and an increase by 1mln barrels for distillates, for the week ended June 22. August Nymex WTI prices are currently trading $79.31 a barrel, down 5 cents from the NY close.
EasyForexNews Research Team