Mixed US oil supply data sees WTI oil price weak at $91

20 January 2011 20 January 2011

BonTrade

WTI oil futures open today’s trading session around $91 a barrel as mixed reports of US oil supply and inventory data takes the edge off higher oil prices this week.

Latest WTI Oil Price

US Light crude oil futures for March 2011 delivery was trading at $91.24 a barrel, 08.30 GMT this morning on the NYMEX.

Late on Wednesday, the US API (American Petroleum Institute) said that US crude oil stocks rose unexpectedly by 3.53 million barrels in the week to 14th January, although Cushing inventories fell by 571,000 barrels.

“US crude oil declined as weak housing data fed worries about the economy. Declines on Wall Street also weighed on crude oil prices.” analysts from Singapore’s Phillip Futures said in a report.

Another grim snapshot of the US housing market appeared to dampen investor sentiment, as the US is the world’s biggest oil consumer and sluggish economic data is seen as affecting US crude oil consumption.