WTI oil trading back near $90 on surprise US oil data

21 January 2011 21 January 2011

BonTrade

WTI oil futures open today’s trading session back near $90 a barrel after a surprise increase in US crude oil stockpiles saw oil prices fall around two percent in trading on Thursday.

Latest WTI Oil Price

US Light crude oil futures for March 2011 delivery was trading at $89.76 a barrel, 06.50 GMT today on the NYMEX, after closing Thursday’s trading session down 2.2 percent at $88.86.

US Crude Oil Inventories – Weekly Gain

A surprise increase in US crude oil stockpiles last week weighed on crude prices Thursday.

US crude oil inventories rose 2.6 million barrels during the week ended 14th January, according to the US Department of Energy, compared with analysts forecasts of an expected 900,000 barrel fall.

“If we go into the summer driving season with super high inventories that’s going to contain oil prices, even if the global growth situation looks very good.” said Jason Schenker, chief economist at Prestige Economics in Austin, Texas.

“There is a hangover from the inventory report, whichshowed a sizeable crude oil inventory build, especially in the Gulf Coast region.” said John Kilduff of Again Capital.