September Nymex WTI prices are trading marginally higher Tuesday as the market remains in consolidation mode ahead of the US Federal Reserve Open Market Committee’s (FOMC) 2-day meeting which begins today. WTI prices ended Monday’s session 35 cents lower at $89.78 a barrel, after holding at session lows of around $89.34. Prices kicked off the Asian session slightly lower this morning and initially slipped back to $89.51 a barrel, before turning higher later on in the session to climb to an intra-day high of $90.09. Volumes remain on the light side ahead of the FOMC meeting as the market remains parked until more details are revealed from the Federal Reserve regarding their latest stance on any fresh stimulus measures that they may about to embark on to aid the stumbling US economy. The majority of market participants are also remaining on the sidelines ahead of supply data which is due later on in the week. September WTI futures are currently trading modestly higher at $89.88 a barrel, up 10 cents on the session so far.
EasyForexNews Research Team