January NYMEX WTI prices are trading in marginal negative territory Monday after posting its best weekly performance in more than a month at the end of last week. January WTI futures ended Friday’s session at $88.28 a barrel, after trading in a range between $86.71 and $88.53. WTI prices have been tied to a fairly narrow trading range during Asian hours so far this morning after Friday’s gains. Ongoing tensions remain in Egypt stoking fears of supply concerns, with Egyptian President Mohamed Mursi due to meet senior judges today to try to ease a crisis over his seizure of new powers which has set off violent protests reminiscent of last year’s revolution which brought him to power. January WTI initially dipped from highs of $88.29 a barrel this morning to hold at intra-day lows of $87.81 and now trades at $88.04 a barrel, down 24 cents on the session.
EasyForexNews Research Team