January NYMEX WTI prices are trading higher Tuesday recovering some of the ground lost from the previous session. January WTI futures ended Monday’s session 54 cents lower at $87.74 a barrel as risk assets remained moderately on the back foot at the start of the week amid uncertainty over whether or not Greece would secure its next tranche of loans. The Eurogroup now appear to have reached a political agreement on the Greek debt deal which has seen risk assets advance so far during Asian trading hours this morning. Eurozone finance ministers, the ECB and the IMF reached an agreement in Brussels to allocate E43.7bln after two previous earlier rounds of negotiations failed to produce a consensus. In terms of oil supply data, the US EIA and the API are expected to show a 500,000-barrel increase in US commercial crude oil stocks for the week ending November 23, Platts says citing a poll of analysts. API is scheduled to release its weekly data later Tuesday while the EIA’s weekly oil statistics are due on Wednesday. WTI now trades at $88.05 a barrel, up 31 cents on the session.
EasyForexNews Research Team