WTI oil trading firm over $91 amid higher US oil data

WTI oil prices open Thursday’s trading session firm over the $91 mark amid yesterday’s API report that showed US crude oil supplies on the rise again, many analysts expected a drop.

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US Light crude oil futures for February 2011 delivery was trading at $91.29 a barrel, 07.10 GMT this morning on the NYMEX. Global oil markets are closed Friday for the New Year’s Day holiday.

The API (American Petroleum Institute) said late Wednesday that crude oil inventories in the US rose by 3.1 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw Hill had forecast a drop of 3.2 million barrels.

Though many analysts expect oil prices to head over $100 in 2011, US Light oil prices have been in a range between $90 and $92 a barrel this week in lighter trading, with many investors and traders having closed up shop until the new year.