February NYMEX WTI prices are trading lower Thursday giving up some of the gains posted the previous day. February WTI futures ended Wednesday’s session at $89.98 a barrel. The January contract, which expired yesterday, rose $1.58 to $89.51 a barrel, after trading in a $87.81 to $89.90 range, with prices underpinned by EIA data showing higher demand. Yesterday’s settlement was the highest seen since October 19. This morning, WTI prices have corrected back lower from some of their recent gains, hampered by faltering budget negotiations in the US, after officials from President Obama’s administration told leaders of business and financial services groups that talks with House Speaker John Boehner had deteriorated in the past 24 hours. February WTI futures have gapped lower during Asian traded hours this morning, slipping from initial highs of $89.85 a barrel to intra-day lows of $89.42 and now trade at $89.50 a barrel, down 48 cents on the session.
EasyForexNews Research Team