WTI oil price trades near $83 amid higher US oil stocks

6 October 2010 6 October 2010

BonTrade

WTI oil prices open higher on Wednesday in Asia, trading near $83 a barrel amid a report from the US API indicating that oil stocks rose sharply.

US Light crude oil futures for November 2010 delivery was trading at $82.92 a barrel, 07.00 GMT on the NYMEX, the highest price since July 2010.

US Oil Stocks Still Rising

Late yesterday, the US American Petroleum Institute said that crude oil stocks rose a sharp 4.442 million barrels, well above expectations, as refiners slashed operations relative to capacity by 2 percentage points.

Oil traders said the market, as usual, will look for confirmation or contradiction of the API data in the more closely tracked report from the US Energy Information Administration, which is due out at 10.30 AM, EDT.