WTI oil trading back under $100 on higher US oil supplies

WTI oil futures open Thursday’s trading session back under $100 a barrel after the latest weekly oil supply data from the US showed a large rise, while stock markets fell on Wednesday, helping to push oil prices lower.

Latest WTI Oil Price

US Light crude oil futures for July 2011 delivery was trading at $99..43 a barrel, 07.10 GMT this morning in electronic trading on the NYMEX after closing 2.8 percent lower yesterday, ending the day at $100.29 per barrel.

US Oil Supplies Rising

The US API (American Petroleum Institute) said late on Wednesday that US crude oil inventories rose 3.5 million barrels last week while analysts had predicted a drop of 1.9 million barrels.

Disappointing signals from the US economy also helped push oil prices and stock markets lower with US manufacturing seeing its sharpest monthly decline in growth in March since 1984.

“Markets were expecting weak manufacturing and jobs reports, given the softness elsewhere of late, but they got much worse. That’s no longer serious growth territory, it’s growth-barely territory.” DBS Bank said in a report.

Read the original here: 
WTI oil trading back under $100 on higher US oil supplies