WTI oil trading at $82 as crude prices rally with markets

7 October 2011 7 October 2011

SylviaHunt30

WTI oil prices open Friday’s trading session around $82 a barrel as crude prices made a second day of gains with stock marktes around the world making a light recovery for now.

Latest WTI Oil Price

US Light crude oil futures for November 2011 delivery was trading at $82.46 a barrel, 08.10 GMT this morning in electronice trading on the NYMEX. The US contract added $2.91 to close at $82.59 a barrel yesterday.

Stock Market Rally

Global stocks rallied for a third straight day and oil prices rose on Thursday after the European Central Bank renewed offers to aid ailing regional banks, a move that drew a mixed reaction from investors.

European stock markets jumped, but Wall Street initially fell, as investors parsed the ECB’s efforts to contain a sovereign debt crisis that has threatened to send recovering economies back into recession.

US crude oil futures dropped to their lowest level in more than a year earlier this week, closing at $75.67 a barrel on Tuesday, but have now rebounded more than 9 percent in just two days.

Analysts said the pessimism that hung over the market appears to have lifted, however many remain uncertain.

I didn’t expect to see it rally this much this quickly, but that’s the nature of this market these days. The market moves up and down very quickly, and you can get movement that at times seems irrational.” said Tom Bentz, the director of BNP Paribas Prime Brokerage.

“This much of a bounce seems a little bit too much. The bigger picture has not really changed.” said Matt Smith, an analyst at Summit Energy.

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