September Nymex WTI prices are trading higher Monday as mounting fears of a supply disruption help erase Friday’s losses. September WTI ended Friday’s session 49 cents lower at $92.87 a barrel after disappointing China trade data, as well as the IEA’s downgrade of crude demand growth sent WTI into a moderate corrective mode after a decent run higher. Some fresh geo-political concerns has helped lift WTI back to last Thursday’s closing levels after Israel’s latest comments on stopping Iran’s disputed nuclear programme stoked tension in the region. WTI prices opened the Asian session firmer, holding at session lows of $93.11 a barrel, before climbing to an intra-day high of $93.74. Since then, prices have steadily pared back a little to trade at $93.34 a barrel, up 47 cents from Friday’s close.
EasyForexNews Research Team