September Nymex WTI prices are trading around unchanged levels Thursday with the market in consolidation mode after yesterday’s strong gains. September WTI ended Wednesday’s session 90 cents higher at $94.33 a barrel, the highest closing level posted since May 14. Prices reacted to the US inventory report, which revealed an unexpected drop in US crude stockpiles last week, slipping 3.7mln barrels to 366.16mln barrels, the Energy Information Administration (EIA) reported. Analysts had previously forecast a drop of 1.7mln barrels. WTI prices have also been gaining support via the ongoing geopolitical issues in the Middle East, with recent comments made by Israel’s ambassador to the US that his country would be willing to strike Iran’s nuclear facilities. WTI initially climbed to intra-day highs of $94.61 in Asia this morning before drifting back lower to hold at session lows of $94.19 a barrel, with the market currently seen trading $94.35, up 2 cents from Wednesday’s close.
EasyForexNews Research Team