January NYMEX WTI futures are trading in negative territory Tuesday, giving back the slim gains posted from the previous day. January WTI futures ended Monday’s session 18 cents higher at $89.09 a barrel after breaking above $90 a barrel to trade a range between $88.66 and $90.33. Prices reversed their earlier gains after the release of the Institute of Supply Management index, which showed an unexpected fall to 49.5 in November from a reading of 51.7 in October, reviving concerns about energy demand. January WTI futures have extended lower during Asian hours this morning, with Monday’s ISM report continuing to take away the previous bullish momentum from oil markets. January WTI futures have slipped from an intra-day high of $89.08 a barrel to a session low of $88.52 and the market now trades at $88.74 a barrel, down 35 cents on the session.
EasyForexNews Research Team