December NYMEX WTI prices are trading around unchanged levels Tuesday after posting some gains during the previous session. December WTI futures ended Monday’s session 79 cents higher at $85.65 a barrel as prices tentatively recovered from Friday’s sharp sell-off, although volumes remain on the thin side ahead of the US election results. In terms of supply, weekly oil inventory data to be released this week by the American Petroleum Institute (API) and the US Energy Information Administration (EIA) are expected to show an increase of one million barrels in US commercial crude oil stocks for the week ended Nov 2, Platts says citing its survey of analysts. API data is due later today whilst the weekly EIA statistics are scheduled for Wednesday. Due to the impact of superstorm Sandy on the US Atlantic Coast, US petroleum products stocks are expected to show declines for the reporting week, according to the Platts survey. December WTI prices have been tied to a narrow range so far this morning, edging lower from a high of $85.84 to hold at an intra-day low of $85.50 and now trades at $85.67, up 2 cents.
EasyForexNews Research Team