WTI oil trading around $98 a barrel on positive US data

WTI oil futures open Friday’s trading session hovering around $98 a barrel on positive US data and signs of progress in Europe’s efforts to resolve its debt problems.

Latest WTI Oil Price

US Light crude oil futures for December 2011 delivery was trading at $98.23 a barrel, 08.30 GMT this morning in electronic trading on the NYMEX.

US Energy Demand

Oil prices were supported by the latest report on oil inventories released by the US Department of Energy yesterday. The figures showed that energy demand in the US increased last week as oil stockpiles dropped 1.4 million barrels contrary to expectations of a build up in oil supplies.

Meanwhile, the US Labor Department said jobless claims declined by a further 10,000 last week following a 9,000 drop in the previous seven days. The employment data topped expectations, suggesting that the job market recovery in the US is gaining speed.

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WTI oil trading around $98 a barrel on positive US data