WTI oil price trading higher, over $73 on US supplies data

WTI oil prices open trading over $73 a barrel Thursday in Asia after a report showed US crude inventories fell more than expected, suggesting consumer demand is growing. US Light crude oil futures for July delivery was at $73.65 a barrel at midday Singapore time on the NYMEX. Crude supplies fell more than expected last week, dropping by 1.4 million barrels, the American Petroleum Institute said late Wednesday. Analysts had expected an increase of 1.0 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. Meanwhile, the Dow Jones industrial average rose 2.2 percent Wednesday and all major Asian stock markets gained in early trading on Thursday. “The driver for oil prices at the moment is economic recovery and there’s some evidence of it in the US and UK, but overall the concern is the eurozone debt crisis,” said CMC Markets analyst Michael Hewson. “Jittery oil trading is here to stay for now as we continue to track the broader markets and swings in global risk sentiment,” said VTB Capital analyst Andrey Kryuchenkov. July WTI Light oil price trading near $73 on US data WTI oil price at $69 mark on strong dollar, high stocks WTI oil price trading down 3 percent on firm US dollar Index Light oil price trading near $80 on US inventories data, dollar Light oil price holds at $86, awaits latest US oil stock data Oil prices start the week trading higher on US data Oil prices trading firm on US data, homing in on $90 barrel Brent oil price near $80 mark, OPEC oil shipments down Oil prices trading steady, awaits US crude inventory data Brent oil price trading over $74 on US market bounce WTI oil price trading up near $72 on latest US data WTI oil price skids under $70 as US dollar firms up WTI oil price finds support around $70 trading range, firms Asia’s richest man says get ready for $100 crude oil price Brent oil price hangs at $80, big premium on WTI crude Light oil price trading down at $77 on US market crash Light oil price falls four percent as global markets decline Brent oil price holding around $88 mark amid strong dollar Brent oil price closes the week trading at 18 month high Euro in Greek tailspin, US dollar firms & oil prices holding out

Read the rest here: 
WTI oil price trading higher, over $73 on US supplies data