September Nymex WTI prices are trading narrowly lower Monday, after Friday’s session saw oil prices rally to their highest level seen in 10 weeks, after stronger than expected US employment data triggered a sharp fall in the USD and a surge in commodity markets. September WTI futures rallied sharply to end Friday’s session up an epic $4.27, or 4.9%, to settle at $91.40 a barrel, after reaching highs of $91.74, the highest intra-day level seen since July 20 before prices eased back slightly. This morning’s Asian session saw WTI prices initially fade from opening levels of $91.47 to hold at session lows of $90.95 a barrel before prices gradually edged their way back higher to trade just below Friday’s close at $91.39 a barrel. The positive sentiment gained from Friday’s US jobs report has so far carried over into the Asian session, with risk assets remaining on the front foot. The euro earlier hit a 1-month high against the dollar at $1.2443 before paring back to just above unchanged levels. September Nymex WTI futures are currently trading $91.34 a barrel, down 6 cents from Friday’s close.
EasyForexNews Research Team