November Nymex WTI futures are trading modestly higher Wednesday extending their gains from the previous session. November WTI ended Tuesday’s session 24 cents higher at $92.09 a barrel after trading in a range from $91.30 to $92.32. Oil prices have continued to advance Wednesday in tandem with a broad lift in risk appetite after Moody’s affirmation of Spain’s Baa3 rating, the announcement coming ahead of the eurozone summit set for later this week. In terms of supply, data released late Tuesday by the American Petroleum Institute (API) showed a 3.7mln barrel rise in crude oil supplies for the week ending Oct 12. The API data comes ahead of the more closely watched US Energy Information Administration (EIA) Report due to be published later today at 1430GMT. November WTI has picked up this morning from a session low of $91.96 to advance to an intra-day high of $92.76, with the market currently remaining in modest positive territory trading $92.39 a barrel, up 30 cents on the session.
EasyForexNews Research Team