December NYMEX WTI prices are trading in negative territory Friday after posting some gains during the previous day. December WTI futures ended Thursday’s session 85 cents higher at $87.09 a barrel, after prices received a boost from an unexpected drop in crude supplies and some positive U.S. economic data. A report published by the US Energy Information Administration (EIA) yesterday showed crude stocks dropped by 2.05 mln barrels in the week ending October 26, compared with market expectations for a rise of 1.5mln barrels. December WTI prices have given up some of Thursday’s gains so far this morning, slipping back from an intra-day high of $87.05 to print a session low of $86.56 a barrel a few moments ago, amid some strength observed in the US dollar across FX markets so far this morning, with FX pair euro-dollar slumping below $1.2900 a few moments ago. December WTI futures now trade at $86.66 a barrel, down 43 cents on the session.
EasyForexNews Research Team