WTI oil price at 2 year high near $88 on demand, US data

WTI oil futures open Friday’s trading session trading around $88 a barrel as hopes of strong growth in demand for crude oil add to recent gains, while the latest economic data out of the US boosted oil prices further.

Latest WTI Oil Price

US Light crude oil futures for January 2011 delivery was trading at $87.96 a barrel, 07.30 GMT on the NYMEX, and may soon test $90.

Strong manufacturing data from China, a major crude oil importer, also lifted sentiment and recast focus on the underlying strength of global oil demand.

US and European Stock Markets Pushing Oil Prices Higher

Signs the US economy is gaining strength have spurred a rally on US and European stock markets this week, and that in turn drove oil prices up. US manufacturing activity, retail sales and the housing market all improved.

Today’s market focus will be on US employment data that will offer more clues to the global economic recovery, as noth WTI and Brent crude oil contracts hover just short of their highest trading prices since October 2008.