January NYMEX WTI prices are trading marginally lower Tuesday, with the market in consolidation mode after Monday’s strong gains. January WTI futures ended Monday’s session $2.36 higher at $89.28 a barrel after prices came in for support from continued rising tensions in the Middle East and a strong risk-on rally which saw US stocks post some decent gains. Israeli airstrikes Monday bombed crowded areas of the Gaza Strip, whilst thousands of Israeli troops are seen gathering on the Gazan border in preparation for a ground invasion even as regional leaders tried to find a solution for a ceasefire. WTI prices have been consolidating so far this morning, with prices tied to a narrow range. January WTI picked up from an intra-day low of $88.90 a barrel to edge back to a high of $89.19 and now trades at $89.09 a barrel, down 19 cents on the session.
EasyForexNews Research Team