January NYMEX WTI futures are trading lower Thursday, giving back some of the gains posted during the previous day. January WTI futures ended Wednesday’s session up $0.98, or 1.1%, at $86.77 per barrel, after trading in a $85.68 to $87.68 range. The gains came following the FOMC’s decision to buy $45bln in Treasurys each month in addition to the $40bln in mortgage backed securities that it purchases each month. Gains, however, were slightly held in check after an earlier report from the US Energy Information Administration (EIA) showed that crude oil stockpiles rose by 800,000 barrels last week, against market expectations for a decline. This morning, January WTI prices initially slipped to lows of $86.38 a barrel from a high of $86.78 and now remain in negative territory currently trading $86.53 a barrel, down 24 cents on the session.
EasyForexNews Research Team