September Nymex WTI prices are trading lower Wednesday, after posting their highest close in more than two months during Tuesday’s
session. WTI ended Tuesday’s session up $1.47, or 1.6%, at $93.67 a barrel, the highest settlement seen since May 15, with prices buoyed by supply worries stemming from falling North Sea output and ongoing Middle East tensions. WTI managed to reach highs of $94.42 a barrel at one stage, before prices corrected back lower going into the US close. September WTI futures opened in Asia this morning around $93.41 a barrel and traded up to highs of $93.52 before fading back to session lows of $93.17 as the market remains in light corrective mode after yesterday’s strong gains. In terms of supply, US crude inventories fell by 5.4mln barrels last week, according to the American Petroleum Institute (API) on Tuesday, a much larger drop than expected. The government’s report from the EIA will follow today at 1430GMT. WTI prices are now trading just below the middle of their range now, currently at $93.30 a barrel, down 37 cents on the session.
EasyForexNews Research Team