February NYMEX WTI prices are trading lower Monday after posting some moderate gains during the previous session. February WTI futures ended Friday’s session up 17 cents at $93.09 per barrel, after trading in a $91.52 to $93.13 range. The front contract topped out at a three-and-a-half month high of $93.87 last Wednesday and has been on a down move since, thanks in part to last week’s US FOMC minutes, according to brokers. Supply data from the US Energy Information Administration (EIA) showed a steep build in stockpiles last week and demand continuing to lag compared to levels seen a year ago by around 2.3%. WTI prices have continued to edge their way back lower during Asian hours this morning, slipping from highs of $93.25 a barrel to intra-day lows of $92.74 and now trade at $92.80 a barrel, down 29 cents on the session.
EasyForexNews Research Team