WTI crude oil trading near $83 as gloom sets into markets

WTI crude oil futures open Tuesday’s trading session hovering near $83 a barrel as gloom and uncertainty sets into global markets that are once again the main driver for oil prices.

Latest WTI Oil Price

US Light crude oil futures for October 2011 delivery was trading at $83.47 a barrel, 06.00 GMT this morning in electronic trading on the NYMEX.

WTI oil futures closed yesterday down to $83.65 per barrel, but is still up more than 20 percent than this time las year.

European Debt Levels

In Europe, the main share indexes were down sharply as concerns continue about the high debt levels of eurozone countries, and how these could impact on the wider economy. Germany’s Dax index lost 5 percent yestderday.

Oil prices have also been knocked lower on concerns that the US could fall back into recession.

“Oil futures are falling on worries over weak demand, unemployment and talk of a double dip recession.” said Eugen Weinberg, head of commodities research at Commerzbank in Frankfurt.

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WTI crude oil trading near $83 as gloom sets into markets