WTI oil trading near $75 mark, awaits US inventory data

WTI oil prices are trading near the $75 mark in Asia on Thursday, awaiting the latest US inventory data which may suggest that oil stocks will remain at or near all time highs.

US Light crude oil futures for October 2010 delivery was at $74.75 a barrel, 07.45 GMT on the NYMEX after breaking through the $75 mark in trading yesterday.

Most oil traders have probably priced in weaker US oil inventory data, due out later today from the US Energy Information Administration. US oil stocks are expected to rise by 1 million barrels.

However, US oil inventories fell last week according to data from the US American Petroleum Institute out yesterday. The American Petroleum Institute release comes ahead of the more closely watched inventories report from the US EIA due out later today.

On Wednesday the EIA trimmed its forecast for global oil demand for 2011, citing lowered expectations for global economic growth.