August Nymex WTI prices are trading modestly higher Wednesday after falling over 2% during the previous session. WTI closed Tuesday’s session deeply in the red, settling down $2.08 at $83.91 a barrel, after a last minute intervention by the Norwegian government prevented the first shutdown of its oil industry in nearly 25 years. In terms of supply, data released by the American Petroleum Institute (API) Tuesday showed crude oil inventories fell by 695,000 barrels in the week to July 6, short of the expectation levels that had forecast a larger decline of 1.2mln barrels. The closely watched Energy Information Administration (EIA) inventory report is due later today at 1430GMT, where a poll of analysts, surveyed by Platts, expect crude stockpiles to show a fall of 1.5mln barrels. WTI prices have tentatively edged their way back higher in Asia this morning, climbing from opening low levels of $84.01 a barrel to now trade near their session highs at $84.60, up 69 cents from the NY close.
EasyForexNews Research Team