November Nymex WTI prices are trading lower Monday extending their losses from the previous session. November WTI ended Friday’s session $1.83 lower at $89.88 a barrel as demand concerns continued to take its toll on oil prices, with an unexpected drop in US unemployment doing nothing to halt the decline. The US dollar has gained some more ground during Asian traded hours this morning, which has in turn applied some more pressure on WTI prices. However, with both Tokyo and New York closed for holidays, volumes are muted. November WTI prices have extended lower from an opening level high of $89.88 a barrel to trade to fresh session lows of $89.18 a barrel a few moments ago, down 70 cents on the session.
EasyForexNews Research Team