January NYMEX WTI futures are trading marginally higher Tuesday after closing in the red for the fifth consecutive session yesterday. January WTI futures ended Monday’s session $0.37 lower at $85.56 a barrel, after trading in a $85.33 (after hours) to $86.78 range. Since November 1, the front contract has traded in a $84.05 (Nov. 7) to $90.33 (Dec. 3) range. WTI has now shed more than $3 over the last five trading sessions. Oil prices have been tied to a narrow trading range so far this morning ahead of tomorrow’s OPEC gathering in Vienna to determine the group’s targets for crude production. Wednesday’s FOMC meeting will also be eyed. This morning, January WTI has recovered after initially slipping to an intra-day low of $85.37 a barrel from a high of $85.73. January WTI now trades at $85.69 a barrel, up 13 cents on the session.
EasyForexNews Research Team