August Nymex WTI prices are trading in negative territory Friday ahead of important US jobs data due later today at 1230GMT. WTI prices have slipped back in Asian trading this morning in tandem with a general unwind of risk trades after the various moves by some of the leading central banks. WTI ended Thursday’s session 44 cents lower at $87.22 a barrel and prices reached a session high of $87.09 this morning before reversing back quite sharply to print an intra-day low of $86.04 a barrel so far, pressured by a modest firming of the US dollar across FX markets and a sluggish performance by FX pair euro-dollar. Market participants are now waiting for the important nonfarm payrolls data that should yield a fresh trading cue for WTI, which has managed a rally of around 12% from its recent slump that bottomed out at the tail end of last week. In terms of supply, US crude stocks dropped 4.27mln barrels to 382.9mln barrels in the week to June 29, according to a report by the Energy Information Administration (EIA). WTI has modestly picked up from session lows to now trade $86.34, down 88 cents from the NY close.
EasyForexNews Research Team