November Nymex WTI prices are trading in positive territory Thursday after posting three consecutive days of losses. November WTI futures ended Wednesday’s session $1.39 lower at $89.98 a barrel, the lowest settlement seen since Aug 2 as concerns surrounding global economic growth hardened. November WTI futures slipped as low as $88.95 at one stage. In terms of supply, US government data showed that crude inventories unexpectedly fell 2.45mln barrels last weekt o 365.2mln against analyst’s expectations for a rise of 1.9mln. US gasoline inventories also unexpectedly declined by 481,000 barrels after being projected to gain 500,000 barrels. WTI prices have returned to the upper end of their intra-day trading range so far after initially slipping back from a high of $90.42 to hold at session lows of $89.88, with the market currently trading $90.32 a barrel, up 34 cents on the session.
EasyForexNews Research Team