November Nymex WTI prices are trading in negative territory Wednesday after posting a strong recovery the previous day. November WTI futures ended Tuesday’s session $3.06 higher, or 3.4%, at $92.39 a barrel after rising concerns surrounding the Middle East took centre stage. Continued tension between Syria and Turkey has generated speculation that around 400,000 barrels a day of oil shipped to Turkey from Iraq’s northern Kurdistan region could be at risk in a border skirmish, with possibilities that Iran could support Syria against Turkey in such a dispute also weighing heavily on the market. In terms of supply, focus now turns to the American Petroleum Institute weekly report due to be published later today, delayed by one day by the Columbus Day holiday. WTI prices have pared back slightly during Asian traded hours this morning, edging lower from a session high of $92.33 to hold at an intra-day low of $91.71, with the November contract currently seen trading $92.03 a barrel, down 36 cents on the session.
EasyForexNews Research Team