The price of WTI oil remains at one month highs in trading this morning, as US oil prices near $85 a barrel with latest data from the US API (American Petroleum Institute) showing that inventories of US crude oil declined 3.8 million barrels the week ended 7th October.
Latest WTI Oil Price
US Light crude oil futures for November 2011 delivery was trading at $85.02 a barrel, 06.00 GMT this morning in electronic trading on the NYMEX. The US contract closed yesterday’s session at $84.80.
The API report comes ahead of a more closely watched report from the US EIA (Department of Energy’s Energy Information Administration) where analysts expect the EIA to report a decline of 300,000 barrels, due later today.
Higher Oil Prices
US crude oil has spent two days now trading around $85 a barrel, after weeks of extraordinary volatility that saw both a one month high and a one year low. With crude oil climbing more than $10 a barrel, or 13 percent, over the last week, analysts said the market was absorbing its gains before deciding on its next direction.
“Since crude bottomed at just under $75 just a little over a week ago, it went straight up and we had some pretty big moves there. Sometimes after a big move the market will consolidate and try to figure out its next move.” said Tom Bentz, director of BNP Paribas Prime Brokerage.
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WTI oil price hangs at $85 as US API oil data returns negative
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