January NYMEX WTI futures are trading higher Friday after losing nearly a dollar during the previous day. NYMEX January light sweet crude oil futures settled down $0.88 at $85.89 per barrel, after trading in a $85.81 to $86.97 range. Prices became subject to selling pressure as risk assets spent much of the session on the back foot as debt woes in the US and the UK saw a moderate corrective pullback in risk. WTI prices have edged their way back higher during Asian hours this morning, recovering most of Thursday’s losses, after the Chinese HSBC flash purchasing managers’ index (PMI) for December rose to a reading of 50.9, a 14-month high, beating market expectations of an estimate of a 50.8 reading. WTI futures have drawn some support from the brighter outlook for the Chinese manufacturing sector, advancing from lows of $86.07 a barrel to print an intra-day high of $86.64 a few moments ago, amid a moderate pick up in risk sentiment present in Asian trade this morning. January WTI futures now trade at $86.63 a barrel, up 74 cents on the session.
EasyForexNews Research Team