WTI oil trading hangs on at $85 a barrel, oil stocks in focus

12 October 2011 12 October 2011

BonTrade

WTI oil futures open Wednesday’s trading session hanging onto recent gains and is hovering around $85 a barrel, with the latest API oil report on US oil stocks delayed until later today, but is expected to add numbers.

Latest WTI Oil Price

US Light crude oil futures for November 2011 delivery was trading at $85.48 a barrel, 08.10 GMT in electronic trading on the NYMEX. The US contract closed yesterday’s session up at $85.59, six straight days of gains.

US Crude Oil Stocks

US crude oil stockpiles were expected to be up slightly, with products inventories slightly lower, according to analysts. The US API’s (American Petroleum Institute) weekly report will be delayed
one day to Wednesday at 4:30 p.m. EDT (2030 GMT) because of Monday’s Columbus Day holiday shutting Federal offices.

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