January NYMEX WTI prices are trading marginally lower Wednesday extending their losses from the previous session. January WTI futures ended Tuesday’s session 56 cents lower at $87.18 a barrel, after trading in a $86.83 to $88.25 range. Prices became unsettled by lingering concerns over the US fiscal cliff and a report issued by the American Petroleum Institute (API) showing US inventories gained by 1.96mln barrels last week. Earlier Tuesday, the U.S. Department of the Interior released a media advisory, stating that the Obama administration will offer more than 20 million acres in the Western Gulf of Mexico for oil and natural gas exploration and development. January WTI prices have been tied to a narrow trading range so far this morning, edging lower from a high of $87.34 to print an intra-day low of $87.00, with the market currently trading at the low end of the range at $87.03 a barrel, down 15 cents on the session.
EasyForexNews Research Team