November Nymex WTI prices are trading marginally higher Friday after managing to hold on to some of its gains posted during the previous session. November light sweet crude oil futures settled up $0.82 at $92.07 per barrel, after trading in a $91.09 to $92.94 range. Prices have still yet to breach the 55-day moving average (MA), currently at $93.45, after challenging that area several times since mid September. WTI prices responded positively to some upbeat US data after US jobless claims fell to their lowest level in more than four years, with rising tensions between Turkey and Syria also lending a hand to underpin oil prices. November WTI futures initially slipped back from an intra-day high of $92.60 a barrel during Asian traded hours this morning and have held at a session low of $92.08, with the market currently seen trading $92.26 a barrel, up 19 cents on the session.
EasyForexNews Research Team