WTI oil price firm over $91, awaits US oil supply numbers

29 December 2010 29 December 2010

BonTrade

WTI oil prices open Wednesday’s trading session firm over $91 a barrel as traders look to the latest US oil inventory and supply numbers and the value of the US dollar to gauge short term oil price direction.

Latest WTI Oil Price

US Light crude oil futures for February 2011 delivery was trading at $91.39 a barrel, 08.30 GMT this morning on the NYMEX.

Meanwhile, the ICE US Dollar Index, which tracks US dollar performance against six major world currencies, ended yesterday at 80.29.

US Oil Inventory Data

Traders may focus on US oil inventory data due later today. US crude oil stockpiles are expected to fall by 2.8 million barrels in the week ending 24th December 2010, distillates, including heating oil and diesel, are expected to fall by 600,000 barrels.

“Oil prices are tracking the cold weather in the Northeast of the US and also the dollar against the euro.” said Tetsu Emori, a fund manager at Tokyo based Astmax.