WTI crude oil trading near $83 as economic news lifts markets

WTI crude oil futures open Friday’s trading session back near $83 a barrel as positive US economic indicators and the approval by the German parliament of plans to tackle Europe’s debt crisis lifted markets higher.

Latest WTI Oil Price

US Light crude oil futures for November 2011 delivery was trading at $82.66 a barrel, 07.55 GMT this morning in electronic trading on the NYMEX. The US oil contract closed 1.2 percent higher on Thursday, to finish at $82.14 a barrel.

Economic News Lifts Markets

In Europe yesterday, the German parliament approved a proposal to expand the eurozone’s fund to finance the bailout of Greece, and in the US, jobless claims declined by 37,000 and second quarter US GDP growth was revised upward to 1.3 percent from 1.0 percent.

More than half of the eurozone’s 17 members have now approved the package, which boosts the ESFS lending power to 440 billion euros ($599 billion) from €250 billion and gives it the ability to buy sovereign bonds, provide credit lines to governments and facilitate bank recapitalizations.

“Crude is just jumping on to the positive sentiment here that was kicked off by the approval by German parliament to extend the European bailout fund.” according to Matt Smith, an analyst with research and consulting firm Summit Energy.

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