WTI oil futures open Thursday’s trading session back near $81 a barrel as stock markets ended yesterday’s session in positive mode and the latest data from the EIA showed that US oil stocks fell more than expected.
Latest WTI Oil Price
US Light crude oil futures for November 2011 delivery was trading at $80.73 a barrel, 09.10 GMT this morning in electronic trading on the NYMEX.
US Oil Stocks
US crude oil stocks fell by 4.7 million barrels last week, according to data from the US EIA (Energy Information Administration) compared to expectations of a figure of around 700,000 barrels.
Oil prices bounced back yesterday after falling sharply at the start of the week as demand for commodities was buoyed by reassuring comments from Europe and the US. Stock markets in Europe and the US gained and oil prices followed the march higher.
Meanwhile, Asian stock markets rallied Thursday, echoing the firm performance on Wall Street, as investors took heart from some solid US economic data and from hopes that European policy makers would step up their efforts to shake off Europe’s debt concerns.
European policymakers are trying to restore confidence in their ability to tackle Europe’s debt problems and avert another recession, which would curb demand for oil.
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WTI oil trading near $81 as markets rise and US oil stocks fall
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