WTI crude oil trading near $85 on surprise US supply fall
BonTradeWTI crude oil futures open Wednesday’s trading session hovering near $85 a barrel after a the latest weekly oil report showed US crude oil supplies unexpectedly fell last week, suggesting US oil demand may be improving.
Latest WTI Oil Price
US Light crude oil futures for March 2011 delivery was trading at $84.79 a barrel, 07.45 GMT this morning on the NYMEX.
The US API (American Petroleum Institute) said late yesterday that crude oil inventories fell 354,000 barrels last week while analysts surveyed by Platts had forecast an increase of 2.8 million barrels. Crude oil supplies at the key Cushing, Oklahoma terminal rose 250,000 barrels.
“Recent surveys have been exactly in line with the energy department’s when it comes to Cushing, which bodes well for prices today. If the energy department corroborates, the oil price bottom may be behind us for now.” energy consultant The Schork Report said.
The US EIA reports its weekly oil supply data later today.
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WTI crude oil trading near $85 on surprise US supply fall
