October Nymex WTI prices are trading marginally higher Friday after posting some more losses during the previous session. October WTI ended Thursday’s session 87 cents lower at $94.62 a barrel, moving in tandem with a general risk-off theme seen across financial markets as they continue to correct lower ahead of today’s much anticipated speech from Federal Reserve Chairman Ben Bernanke at Jackson Hole, due to commence around 1400GMT. Some of the supply risks seen from the presence of Hurricane Isaac have now evaporated from the market as the weather front disperses into a much weaker tropical depression. WTI prices are likely to trade on a sideways basis this morning until the release of some US data later today and the commencement of proceedings at Jackson Hole. WTI prices have held at session lows of $94.51 in Asia this morning, paring back moderately from an intra-day high of $94.77, with the market currently trading just above unchanged levels at $94.68 a barrel, up 6 cents.
EasyForexNews Research Team