WTI oil futures open Thursday’s trading session firm over $106 a barrel and prices remain near 2012 highs after after weekly government data showed a surprise drop in US oil inventories.
Latest WTI Oil Price
US Light crude oil futures for May 2012 delivery was trading at $106.57 a barrel, 07.51 GMT today in electronic trading on the NYMEX.
US Oil Inventories
The US Energy Information Administration said crude stockpiles fell by 1.2 million barrels in the week ended March 16, surprising analysts that had expected, on average, an increase of 1.9 million barrels.
The US API (American Petroleum Institute) said late Tuesday that crude inventories fell 1.4 million barrels last week, breaking a two month trend of growing supplies. Analysts surveyed by Platts, the energy information arm of McGraw-Hill, had predicted an increase of 2.1 million barrels.
Summer Driving Season
Even though Libya`s oil has largely returned online after the political disruptions that took it off the market last year, and Saudi Arabia is generating its highest output in three decades, the available crude is just barely meeting demand. The summer driving season in the US, which begins in April, could put further pressure on crude oil prices.
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WTI oil price trading firm over $106 after US oil inventories fall again
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