WTI oil price at 3 month high, closes in on $95 a barrel

The price of WTI oil open’s Monday’s trading session back closer to $95 a barrel as US light crude oil hits a 3 month high after the US Department of Labor said in a report that America’s unemployment rate declined unexpectedly to a 6 month low.

Latest WTI Oil Price

US Light crude oil futures for December 2011 delivery was trading at $94.71 a barrel, 07.20 GMT this morning in electronic trading on the NYMEX.

Oil Prices and Consumption

Oil traders have been paying close attention to readings on US employment levels for signs that people are returning to work, thus driving more and using more energy. The US is the world’s biggest oil consumer, accounting for 19.1 million barrels a day, or 22 percent of global consumption.

WTI crude oil also found support after US Fed Chairman Ben Bernanke said last Wednesday that an additional round of asset purchases, specifically mortgage-backed securities, was a ‘viable option’ after the bank lowered its growth forecast for next year.

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WTI oil price at 3 month high, closes in on $95 a barrel