October Nymex WTI prices are trading marginally lower Tuesday in what has been a quiet session so far. October WTI futures ended Monday’s session 12 cents higher at $96.54 a barrel as traders weighed up comments from Saudi Arabia Oil Minister Ali al-Naimi who said that the recent rise in oil prices is not due to any lack of supply, and that the world’s top oil exporter would continue to maintain stable oil supplies in co-operation with other Gulf producers and OPEC countries. WTI prices continue to trade in a narrow trading range amid the absence of key macro reports and also ahead of this week’s US Federal Reserve meeting. WTI has been observed in a narrow range in Asia this morning, posting an intra-day high of $96.47 a barrel after holding at a session low of $96.14. October WTI is currently trading $96.25 a barrel, down 29 cents from the NY close.
EasyForexNews Research Team