September Nymex WTI prices are trading in positive territory Monday, extending their gains from Friday’s session as market participants look for some sort of stimulus measures from the Federal Reserve at this week’s FOMC policy meeting. WTI ended Friday’s session 74 cents higher at $90.13 a barrel as prices continued to remain volatile as the market comes to terms with competing concerns over the global economy and rising tensions in the Middle East. WTI September futures have advanced this morning during Asian traded hours after opening at around $90.14 a barrel. Prices initially slipped to session lows of $89.87 but then turned higher in tandem with a general positive risk tone across Asian stocks, ignoring a weaker showing from the euro against the US dollar. WTI moved to intra-day highs of $90.95 a barrel, before correcting back to now trade at $90.56. Some of the seesawing price action in oil has seen some investors pull out of the market after data published by the Intercontinental Exchange last week showed that outstanding contracts fell by around 8%, the lowest level since mid-May.
EasyForexNews Research Team