December NYMEX WTI prices are trading higher Thursday after recovering from their lowest level seen since July during the previous day. December WTI futures ended Wednesday’s session 94 cents lower, or 1.08%, at $85.73 a barrel after supply data from the EIA confirmed that US inventories rose more than forecast and fuel demand dropped for the week ending October 19. WTI prices initially slid after the data, falling to lows of $84.94 a barrel before some profit taking saw prices recover later on in the session. WTI futures have extended their recovery so far during the Asian session this morning, advancing from an intra-day low of $85.62 a barrel to trade to a session high of $86.10 a few moments ago, moving in tandem with a moderate move higher in FX pair euro-dollar which continues to recover back towards $1.3000. December NYMEX WTI futures are currently trading $86.05 a barrel, up 32 cents on the session.
EasyForexNews Research Team