January NYMEX WTI futures are trading higher Friday after posting some heavy losses during the previous session. January WTI futures ended Thursday’s session $1.62 lower at $86.26 a barrel, with prices pressured by worries about the US budget debate and slower economic projections from the ECB. The EIA’s bearish inventories report released late Wednesday was also continuing to weigh on prices, reinforcing fears that the physical market remained well supplied. January WTI prices have tentatively edged back higher during Asian hours this morning, with prices tied to a narrow range ahead of this afternoon’s US employment report, expected at 1330GMT. After initially printing an intra-day low of $86.28 a barrel, January WTI futures have edged back higher to highs of $86.63 a barrel and now currently trade at $86.54, up 28 cents on the session.
EasyForexNews Research Team