October Nymex WTI prices are edging their way higher Tuesday after ending Monday’s session marginally lower. October WTI ended Monday’s session at $96.26 a barrel, closing almost flat on the session. Trading is likely to be on a rangebound basis as prices remain underpinned by Middle East tensions and maintenance issues in the North Sea which continue to offset some signals of weak global demand. In terms of supply, market participants are awaiting the weekly US inventory data expected later today and tomorrow. Analysts expect crude stockpiles to have risen by 100,000 barrels in the week to Aug 17 on higher imports and lower refinery runs. October WTI prices have been in a tight trading range so far this morning, initially slipping to intra-day lows of $96.06 a barrel before edging their way higher to trade a session high of $96.44, with the market remaining in the upper end of its range, currently seen trading $96.40 a barrel, up 14 cents from Monday’s close.
EasyForexNews Research Team