December NYMEX WTI prices are trading marginally higher Thursday after posting some moderate gains during the previous session. December WTI ended Wednesday’s session 56 cents higher at $86.24 a barrel, after trading in a $85.61 to $87.19 range. Most refineries across the US were thought to be getting back online quickly after the disruption caused by superstorm Sandy, removing some of the concerns about a temporary oversupply. December WTI prices have held in a steady range so far this morning as market participants look ahead to the release of weekly oil inventory statistics from the Energy Information Administration (EIA) later today at 1430GMT. December WTI futures have advanced from session lows of $85.92 a barrel this morning to trade an intra-day high of $86.42 a few moments ago, currently trading $86.40 a barrel, up 16 cents on the session.
EasyForexNews Research Team