WTI oil trading firm over $91 after US oil supply data

3 February 2011 3 February 2011

BonTrade

WTI oil futures open Thursday’s trading session firm over $91 a barrel after the latest oil supply data out of the US rose in line with analysts expectations.

Latest WTI Oil Price

US Light crude oil futures for March 2011 delivery was trading at $91.38 a barrel, 07.20 GMT this morning on the NYMEX.

American crude oil stockpiles rose 2.6 million barrels to 343.2 million barrels last week, according to the US Department of Energy.

Inventories of crude oil and petrol products in the US remain well above the average range normally seen this time of year, however oil futures are seeing a boost from continuing unrest in the Middle Eastern country of Egypt.

The commodities market has been jittery following more than a week of anti government protests in Egypt due to fears the crisis could spill over to other countries in the area.

WTI Oil Price Remains Bullish

“NYMEX WTI crude futures could reach $95 a barrel in the near future based on macroeconomic fundamentals.” according to Jim Ritterbusch, president of Ritterbusch & Associates.