Today’s trading session has indicated a controversial tendency in the global market of crude oil. WTI has been depreciating for the 3rd consecutive trading session since investors are afraid of the consequences of Obama’s decision. In particular, Obama is going to address the US Congress in order to obtain a sanction on a military operation in Syria. This makes such a military campaign less probable, thereby easing the concerns that it may affect oil exports from the Middle East.
Obama decided to consult the Congress on Saturday. Still, the hearings will start only after September 9th when congressmen return from vacation.
Meanwhile, the October futures contract on WTI oil is down by 51 cents. It is currently trading around $107,14 per barrel. Brent oil has seen its futures appreciating by 42 cents up to $114,43 per barrel.
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of WTI oil:
