Commodities
Oil Traders Turn Focus to 2025 Contracts as Crude Plods in Range
- WTI is fluctuating in a band of less than $2 this week
- Trading activity, prices for next year’s futures has picked up
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Oil rose but remained in a narrow range as bullish momentum in broader markets counteracts weak near-term fundamentals for the commodity, pushing traders to shift their focus to next year’s contracts.
West Texas Intermediate advanced about 1% to approach $82 a barrel, still within the band of less than $2 it has traded in this week. That marks WTI’s narrowest weekly trading range since January 2021. An unexpectedly large buildup of US crude stockpiles failed to drive prices lower on Wednesday as a hot streak for equities bolstered investors’ appetite for risk assets.