January NYMEX WTI futures are trading higher Monday after posting some marginal losses during the previous trading day. January WTI futures ended Friday’s session $0.33 lower at $85.93 a barrel after trading in a $85.77 to $86.92 range, shedding more than 3% on the week after prices had seen a range of $85.77 to $90.33 for the week. Improved Chinese data, seen at the weekend, has underpinned oil prices so far this morning during Asian traded hours. Chinese refinery reached a new in November, growing 9.1% from a year earlier to 10.2mln barrels a day, wit industrial production jumping to 10.1%, according to data released by the National Bureau of Statistics in Beijing yesterday. January WTI prices have advanced from intra-day lows of $85.90 to session highs of $86.45 a barrel this morning and now trade at $86.39 a barrel, up 46 cents on the session.
EasyForexNews Research Team