January NYMEX WTI futures are trading around unchanged levels Wednesday after posting some slim gains the previous day. January WTI futures ended Tuesday’s session up $0.23 at $85.79 a barrel, after trading in a $85.21 to $86.37 range. After the New York settlement, data released by the American Petroleum Institute (API) showed US crude oil supplies rose by 4.3mln barrels in the week ending December 7. This morning, oil prices have been tied to a narrow trading range so far during Asian hours ahead of the conclusion of the two-day FOMC meeting, due to be published at 1730GMT. Market participants will also be keeping an eye on a gathering by OEC ministers and also the EIA petroleum status report, which is scheduled for release at 1530GMT. January WTI prices have advanced from lows of $85.68 this morning to an intra-day high of $86.03 and now trade at $85.81 a barrel, up 2 cents on the session.
EasyForexNews Research Team