October Nymex WTI prices are trading narrowly lower Monday with prices tied to a tight range after the gains posted during the previous session. October WTI futures ended Friday’s session 89 cents higher at $96.42 a barrel after US nonfarm payrolls increased by a weaker than expected 96,000 last month. WTI prices have fallen back moderately this morning, weakened by soft Chinese and US economic data, though expectations for further monetary easing by the Federal Reserve later this week are keeping losses limited so far. WTI pared back from highs of $96.41 in Asia to hold at session lows of $96.09 a barrel, with the market now edging its way back to currently trade $96.33, down 9 cents from Friday’s NY close.
EasyForexNews Research Team