November Nymex WTI prices are trading in negative territory Wednesday extending their losses from the previous session. November WTI futures ended Tuesday’s session 56 cents lower at $91.37 a barrel amid concerns over weak demand and rising inventories. According to data published by the American Petroleum Institute (API) after Tuesday’s settlement, US crude stockpiles rose 335,000 barrels last week, against market expectations for a rise of 900,000 barrels. Market attention now turns to weekly US oil inventory data from the U.S. Energy Information Administration (EIA) due to be published at 1430GMT, where analysts expect a 1.6mln barrel rise in crude oil stocks. November WTI prices initially edged back higher to highs of $91.34 a barrel during Asian traded hours, but have since retreated back to session lows of $90.73, with the market currently seen trading $90.89 a barrel, down 48 cents on the session.
EasyForexNews Research Team