WTI crude oil trading near $111 on higher US oil inventories

WTI crude oil opens Wednesday’s trading session back near $111 a barrel after the latest weekly US API report showed US oil crude supplies rose more than expected last week.

Latest WTI Oil Price

US Light crude oil futures for June 2011 delivery was trading at $110.87 a barrel, 06.55 GMT this morning on electronic trading on the NYMEX. The US oil futures contract fell $2.47 to settle at $111.05 on Tuesday.

The US API (American Petroleum Institute) said late Tuesday that US crude oil inventories rose 3.2 million barrels last week, more than the increase of 1.7 million barrels predicted by analysts.

The US EIA (Energy Information Administration) reports its weekly oil supply data later today.

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WTI crude oil trading near $111 on higher US oil inventories