WTI oil price firm at $90 on weaker US oil inventories

23 December 2010 23 December 2010

BonTrade

WTI oil prices look set to end the week firm around $90 per barrel, a two year high, as US oil inventory levels once again help oil futures edge further towards triple digit oil prices.

Latest WTI Oil Price

US Light crude oil futures for February 2011 delivery was trading at $90.73 a barrel, 07.20 GMT on the NYMEX.

WTI oil prices moved higher as another big fall in US oil inventories was reported yesterday, US crude oil stocks fell by 5.33 million barrels last week, to 340.7 million in the week ending 17th December, following a 9.9 million barrel plunge the week earlier, the largest decline in US crude oil inventories since 2002.

WTI Oil Price to Remain Bullish

“We’re maintaining a near term bullish trading approach in anticipation of further gains in nearby NYMEX crude oil to the $92 area by next week.” said Jim Ritterbusch of oil trading advisory firm Ritterbusch & Associates.

Both WTI and Brent oil prices have now risen for a fifth consecutive day in a row. Many analysts and investors still expect that oil prices will remain bullish and will test the $100 price level early in 2011.