December NYMEX WTI prices are trading sharply lower Friday after posting some moderate gains the previous day. December WTI futures ended Thursday’s session 32 cents higher at $86.05 a barrel fading after some earlier gains. Prices have been in a steady decline during Asian traded hours this morning with a risk off mode gathering momentum at the tail end of the Asian session. WTI has extended its losses from highs of $86.29 a barrel to trade an intra-day low of $85.07 as abundant supply, seen in the EIA’s weekly storage report on Wednesday, continues to weigh on oil markets in addition to a risk off theme anticipated early on during the European session, with European bourses all called lower on the opening. Oil markets have shown no concern, so far, to Hurricane Sandy which slammed Cuba and made its way towards the US East Coast yesterday. December NYMEX WTI futures now trade at $85.25 a barrel, down 80 cents on the session.
EasyForexNews Research Team