December NYMEX WTI prices are trading higher Thursday after posting some sharp losses the previous day. December WTI futures ended Wednesday’s session $4.27 lower, or 4.8%, at $84.44 a barrel. Crude prices slumped during the previous session as investors worried about the looming U.S. “fiscal cliff,” while surprise EIA weekly data showing a rise in crude stockpiles for the week of Nov 2 sent prices lower, with WTI futures dipping to an intraday low of $84.05 per barrel on Wednesday. December WTI futures have recovered during Asian traded hours this morning, edging their way back higher from lows of $84.51 a barrel to trade an intra-day high of $85.15 a few moments ago, with the market currently seen trading $85.12 a barrel, up 68 cents on the session.
EasyForexNews Research Team