December NYMEX WTI prices are trading higher Wednesday, attempting to end a run of four consecutive days of declines. NYMEX December light sweet crude oil futures settled down $1.98 at $86.67 per barrel, after trading in a $85.69 to $89.29 range. Oil prices had suffered another set of losses after a risk aversion theme was present for much of the European session yesterday. This morning has seen some risk appetite show some moderate improvement after the release of the October HSBC China flash PMI reading earlier in the day, which ticked up to a three-month high of 49.1 from September’s final 47.9, suggesting conditions are stabilizing. WTI prices have picked up from session lows of $86.53 a barrel to trade up to an intra-day high of $87.46. NYMEX December WTI futures are currently trading $87.24 a barrel, up 57 cents on the session.
EasyForexNews Research Team