September Nymex WTI prices are trading lower Friday, moving in tandem with a dip in risk assets seen so far during the Asian session.
Prices were initially higher in Asia this morning reaching their best levels around $93.73 a barrel, but have since fallen back after some weak Chinese trade data was published this morning, with the most significant element of the data being the deterioration in exports, rising just 1% which will in turn pressurise Chinese authorities to deliver more to support Chinese exporters. WTI has corrected lower with some weakness seen in Asian stocks, trading down to session lows of $92.92 a barrel, and is now currently trading $92.97 a barrel, down 39 cents from Thursday’s close.
EasyForexNews Research Team