December NYMEX WTI prices are trading modestly higher Friday after recovering some lost ground during the previous session. December WTI futures ended Thursday’s session 65 cents higher at $85.09 a barrel, after trading in a $84.22 to $85.70 range. Prices reacted positively to some encouraging US data which proved enough to halt oil’s recent sharp decline and shielded prices from additional losses despite lingering concerns surrounding the threat of the US fiscal cliff of pending tax hikes and spending cuts, which weighed on the stock markets once again. December WTI futures have extended their gains this morning following the release of Chinese industrial output, retail sales, and fixed-asset investment data, advancing from session lows of $84.93 to an intra-day high of $85.58 and now currently trade at $85.38 a barrel, up 29 cents on the session.
EasyForexNews Research Team