November Nymex WTI prices are trading higher Friday attempting to recover some sharp losses suffered over the course of the week. November WTI futures ended Thursday’s session 12 cents higher at $92.42 a barrel, with the October contract expiring at $91.87 a barrel. WTI prices have recovered to trade back above $93 this morning amid concerns about Libya’s precarious security situation and lower North Sea production which is stoking some supply fears. OPEC member and Africa’s third biggest producer Libya swiftly ramped up oil output after last year’s revolution, but an assault last week on the US consulate heightened fears about the new government’s ability to impose its authority, and this is likely to delay the already slow return of expatriate oil workers to the country. Adding to the worries about supply disruptions, two more cargoes of North Sea Forties crude loading in October were delayed because of lower production. November WTI prices have advanced from a low of $92.80 in Asian traded hours to session highs of $93.23 a barrel, with the market currently trading $93.21, up 79 cents.
EasyForexNews Research Team