WTI oil trading back over $112 on US crude oil inventory data

WTI oil futures open Thursday’s trading session back over $112 a barrel after the latest weekly crude oil inventory data out of the US reported that oil stocks shrank by over 2 million barrels last week.

Latest WTI Oil Price

US Light crude oil futures for June 2011 delivery was trading at $112.24 a barrel, 07.00 GMT this morning in electronic trading on the NYMEX.

EIA Weekly Oil Report

The EIA (Energy Information Administration) reported that US oil inventories shrank by 2.32 million barrels last week while analysts had expected an increase of 1.6 million barrels. The EIA said that inventories of gasoline and distillates also headed lower.

However, at 357 million barrels, US crude oil inventories are above the upper limit of the average Range for this time of year.

Both WTI and Brent oil prices traded higher for a second day as stock markets climbed on optimism the economic recovery is accelerating, while the US dollar dropped to the lowest level against the euro in more than a year, boosting new demand for buying back into oil.

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WTI oil trading back over $112 on US crude oil inventory data