November Nymex WTI futures are trading around unchanged levels Thursday after holding steady during the previous session. November WTI ended Wednesday’s session 3 cents higher at $92.12 a barrel after initially falling after the release of the weekly EIA report, which showed a rise in US crude stocks last week by 2.86mln barrels higher than market expectations of 1.7mln barrels. Prices in WTI then regained some ground after the release of some strong US housing numbers. This morning, WTI showed little reaction immediately following the release of Chinese Q3 GDP data, which showed economic growth slowed to 7.4% y/y in the third quarter from the previous 7.6%, in line with forecasts by analysts. Prices have remained tied to a narrow trading range, picking up from an intra-day low of $91.83 to a session high of $92.20. November Nymex WTI futures are now seen trading $92.10 a barrel, down 2 cents on the session.
EasyForexNews Research Team