January NYMEX WTI prices are trading higher Monday extending their gains from the previous session. January WTI prices ended Friday’s session $1.05 higher, or 1.2%, at $86.92 a barrel after the December contract expired 1.4% higher at $86.67 a barrel. Nervousness surrounding tensions in the Middle East continues to force out some short positions in WTI, with prices remaining underpinned by concerns that the latest unrest may disrupt oil supplies, after Israeli PM Benjamin Netanyahu said Sunday that the army were prepared to “significantly widen the operation”. WTI prices have continued to the upside this morning, advancing from lows of $87.14 to an intra-day high of $87.98 a barrel a few moments ago, with some fresh risk-on sentiment seen so far this morning. January WTI now trades at $87.87 a barrel, up 95 cents on the session.
EasyForexNews Research Team