December NYMEX WTI prices are trading marginally higher Wednesday after posting some moderate losses the previous day. December WTI futures ended Tuesday’s session 19 cents lower at $85.38 a barrel after the International Energy Agency further cut its demand outlook for the fourth quarter and 2013 amid a rebound in oil exports from sanctions hit Iran. The adviser to industrialised nations on energy policy said OPEC member Iran’s exports jumped by a third to 1.3mln barrels per day in October from the earlier two months. This morning, WTI futures have been tied to a narrow trading range with little seen to influence direction. December WTI futures have picked up from an intra-day low of $85.14 and printed a session high of $85.57 a barrel a few moments ago, with the market currently seen trading $85.56 a barrel, up 18 cents on the session.
EasyForexNews Research Team