The price of WTI oil futures has fallen back to around $101 a barrel in trading on Wednesday afternoon as US government data showed American crude oil stocks rose significantly last week as traders continued to eye developments surrounding tensions between Iran and the West.
Latest WTI Oil Price
US Light crude oil futures for February 2012 delivery was trading at $101.09 a barrel, 20.45 GMT today on the NYMEX, or down 1.4 percent on the day.
US Weekly Oil Stocks
The US EIA said in its weekly oil stocks report that US Light crude oil inventories rose by 5 million barrels in the week ended January 6, significantly higher than expectations for a 1 million barrel increase.
Total US crude oil inventories stood at 334 million barrels as of last week, above the upper limit of the average range for this time of year.
Oil prices were also affected by a broadly stronger US dollar, which re-approached a 16 month high against the euro, while the ICE US Dollar Index, which tracks the US dollar against six major world currencies, was up 0.7 percent to trading at 81.72.
Meanwhile, oil traders continued to monitor tensions between Iran and the West after Iran’s Fars news agency reported that an Iranian nuclear scientist was killed in a bomb explosion in northern Tehran earlier in the day.
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WTI oil trading at $101 as weekly US oil stocks data comes in positive
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