December NYMEX WTI prices are treading in negative territory Tuesday extending their declines from the previous day. December WTI futures ended Monday’s session down 50 cents at $85.57 a barrel after lingering concerns over the US fiscal cliff and whether Greece would receive a bailout weighed on market risk sentiment. In terms of supply, weekly 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 1.5 million barrels in US commercial crude oil stocks for the week ended November 9, Platts says citing its survey of analysts. This week’s data will be delayed one day due to the US Veterans Day holiday, with the API report due Wednesday, while the US EIA data is due on Thursday. December WTI futures have extended lower during Asian hours this morning, falling from an intra-day high of $85.63 a barrel to a low of $84.99 and the market now trades at $85.15 a barrel, down 42 cents on the session.
EasyForexNews Research Team