Oil futures contracts continue to move in a relatively narrow band, picking up some money one day, losing some the other. Wednesday was the latter. In London, the Brent contract for January loading on ICE Futures lost $1 to close at $92.86 per barrel, while in New York, the Nymex West Texas Intermediate (WTI) crude contract for December delivery fell by $1.33 to settle at $85.59/bbl. Brent prices have hovered in a $90-$100/bbl range following the early October decision by the Opec-plus coalition to cut output by an actual 1 million b/d from November.
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