November Nymex WTI futures are trading around unchanged levels Friday in consolidation mode after yesterday afternoon’s price swings. November WTI futures ended Thursday’s session 2 cents lower at $92.10 a barrel after trading in a $90.66 to $92.59 range. Oil markets have so far showed little reaction to the news that TransCanada Corp has been forced to shut down its major pipeline with the capacity to transport a quarter of Canada’s crude oil exports to the US after detecting a small anomaly on the pipe. Oil prices have been tied to a narrow range so far this morning, as markets await to see any conclusions from the two-day EU leaders gathering in Brussels. November WTI futures have pared back from session highs of $92.26 to hold at an intra-day low of $91.97 to currently trade $92.12 a barrel, up 2 cents on the session.
EasyForexNews Research Team