December NYMEX WTI prices are trading marginally higher Monday after posting some sharp losses during the previous session. December WTI ended Friday’s session down $2.23, or 2.6%, at $84.86 a barrel after a waiver by the US government allowing foreign tankers to bring fuel to the East Coast to tide over shortages caused by superstorm Sandy pulled crude futures lower. Oil prices were also subject to selling pressure after the release of Friday’s better than expected US jobs data saw the US dollar continue to advance to around two month highs. December WTI prices have tentatively edged higher this morning after initially extending Friday’s declines to an intra-day low of $84.60 a barrel. Prices have since edged their way back to an intra-day high of $85.23 as traders remain cautious ahead of Tuesday’s US elections. December NYMEX WTI futures are currently trading $85.08 a barrel, up 22 cents on the session.
EasyForexNews Research Team