WTI oil price near $75 on Dow Jones, US oil supply drop

WTI oil prices started Thursday’s trading session around the $74 to $75 mark after yesterday’s Dow Jones rally boosted markets and the latest US data for oil supply plunged last week. US Light crude oil futures for August 2010 delivery fell from it’s opening price of $74.75 to $74.60 at 07.15 GMT on the NYMEX. US crude oil inventories in the fell by 7.3 million barrels last week, the American Petroleum Institute reported late yesterday, more than three times the expected supply drop. US oil supply fell after Hurricane Alex forced some producers in the Gulf of Mexico to curb oil production and close loading terminals that send most of their output to US crude oil refiners. On the markets the Dow Jones climbed back above 10,000 yesterday after investors had second thoughts about the heavy selling in the US stock market and ploughed back in. Meanwhile, a new tropical depression is forming over the northwestern Gulf of Mexico and is heading towards the Texas border, the US National Hurricane Center reported, however the expected course should take the weather system away from main oil producing regions of the Gulf. WTI oil prices may also get a boost higher as the US Department of Energy forecast in its monthly Short Term Energy Outlook report yesterday an average oil price of $78.69 a barrel, up from from $61.66 in 2009. WTI oil prices trading near $74, follows Dow Jones higher WTI oil price moves lower, awaits Tuesday’s US market open WTI oil price trading higher on US dollar & supply data WTI oil price heads back under $72 on latest US data WTI oil price trading near $73, time to get long on oil? WTI oil trading down 3 percent, near $73 on grim US data Light oil price trading down at $77 on US market crash Oil prices trading near 2010 highs on latest US jobs data Brent oil price trading near $74 on optimistic US data WTI oil trading over $73 as stock markets lift oil prices WTI oil price up over $73 as the US dollar looses out WTI oil price lower, Hurricane Alex to miss Gulf oil platforms WTI oil trading firm amid higher US crude oil supply WTI oil price nears $75 after US crude supply data WTI oil price trading higher, over $73 on US supplies data WTI oil price skids under $70 as US dollar firms up July WTI Light oil price trading near $73 on US data Oil prices start the week trading higher on US data Euro in Greek tailspin, US dollar firms & oil prices holding out Oil prices trading firm on US data, homing in on $90 barrel

View original post here: 
WTI oil price near $75 on Dow Jones, US oil supply drop