WTI oil price hovers at $102 as weekly US crude data falls again
LorieFuller31The price of US WTI oil opens Wednesday’s trading session hovering near $102 a barrel after yesterday’s surprise announcement by the US API that American weekly crude oil inventories fell by 5 million barrels, which would add weight to a higher price for the US contract.
Latest WTI Oil Price
US Light crude oil futures for January 2012 delivery was trading at $101.78 a barrel, 08.05 GMT this morning in electronic trading on the NYMEX. The contract rose 29 cents to settle at $101.29 on Tuesday.
US API Data
The American Petroleum Institute said late Tuesday that crude inventories fell 5 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill, had predicted a drop of only 1.3 million barrels.
The US Energy Department’s Energy Information Administration reports its weekly supply data later Wednesday.
API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.
US Light crude oil prices have bobbed near $100 for the last three weeks after jumping from $75 in October as signs of an improving US economy offset investor fears of a coming recession in Europe.
Excerpt from:
WTI oil price hovers at $102 as weekly US crude data falls again
