Oil Prices Turn Higher as Rangebound Trading Continues

WTI oil rises 0.9% to $91.21 a barrel, which puts them in the middle-to-upper part of a month-long trading range between $86 and $94. “Crude oil prices are higher as traders refocus on thin supplies, ignoring the fact that it is a matter of time before a US-Iran nuclear deal is reached,” says Peter Cardillo at Spartan Capital in a note. “This factor, along with a high probability of global recession, spells trouble ahead for oil prices.” Traders turn this afternoon to weekly US inventory data from trade group API, followed by official EIA data tomorrow. Early forecasts point to inventory declines due to rising exports and improved, late-summer driving demand.