WTI oil futures open Thursday’s trading session back down around $85 a barrel as crude oil prices tumbled lower whilst further evidence of weak US economic growth undermined recent market gains.
Latest WTI Oil Price
US Light crude oil futures for December 2011 delivery was trading at $85.51 a barrel, 07.05 GMT this morning in electronic trading on the NYMEX. The US contract closed off yesterday’s trading session down 2.8 percent at $86.26.
Crude oil prices rose above $89 early in American trading on Wednesday, but reversed sharply amid concern the US economy remains wobbly with the US Fed reporting only a slight increase in consumer spending last month.
US Oil Stocks
Meanwhile, The US Department of Energy said that crude oil stockpiles fell by 4.7 million barrels in the week to 14th October, while analysts had forecast a rise of 1.1 million barrels.
“The large decline in crude oil stocks was totally unexpected and provided some support to the market.” said Sucden brokers analyst Myrto Sokou.
Original post:
WTI oil price tumbles back to $85 a barrel on weak US data
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