January NYMEX WTI futures are trading higher Wednesday recovering some of the losses posted during the previous day. January WTI futures ended Tuesday’s session 59 cents lower at $88.50 a barrel, after trading in a $87.57 to $89.18 range. Prices had spent the large majority of the session under pressure amid lingering concerns surrounding the US fiscal cliff, dampening the demand and outlook for oil. Trading volumes were light compared to recent levels in what was largely a quiet trading session. This morning, WTI prices have modestly recovered during Asian traded hours, advancing from intra-day lows of $88.35 a barrel to highs of $88.94 a barrel as markets again see a modest rebound in risk sentiment so far. In terms of supply, focus turns to the release of EIA Crude Oil Stocks data for the week of November 30, due to be published later today at 1530GMT. January WTI prices are now consolidating their earlier move higher, currently trading at $88.79 a barrel, up 29 cents on the session.
EasyForexNews Research Team