November Nymex WTI prices are trading marginally higher Thursday after prices resumed their fall back during a volatile session the previous day. November WTI futures ended Wednesday’s session $1.14 lower, or 1.2%, at $91.25 a barrel with prices coming under pressure after reports from the US Energy Information Administration (EIA) and OPEC lowered global oil demand growth forecasts amid ongoing worries surrounding economic growth. WTI prices have been tied to a fairly narrow trading range so far this morning, after yesterday’s declines, edging their way higher from a session low of $91.09 to an intra-day high of $91.71. Focus now turns to the release of the government report from the EIA, due at 1100EDT (1500GMT). November WTI futures are currently trading $91.36 a barrel, up 11 cents on the session.
EasyForexNews Research Team