December Nymex WTI futures are trading in positive territory Monday after posting some sharp losses during the previous session. December WTI futures ended Friday’s session $2.09 lower at $90.44 a barrel. NYMEX November light sweet crude oil futures settled down $2.05 at $90.05 per barrel, after trading in a $89.93 to $93.05 range, while ICE Brent settled down $2.28 at $110.14 per barrel after trading in a $110.05 to $113.27 range. While the front WTI contract has been trading below its 200-day moving average ($95.81 Friday) since mid September, on expected excess U.S. supply/reduced demand, this is the first time since October 8 that Brent has closed below its 200-day ($112.24). This morning, December WTI futures initially extended lower to session lows of $89.85 a barrel but have since reversed their declines and edged back higher to currently trade on session highs of $90.95 a few moments ago, up 51 cents on the session.
EasyForexNews Research Team