WTI oil price holds near $88 amid higher weekly US oil inventory data

WTI crude oil futures open Thursday’s trading session holding near $88 a barrel amid data that showed higher than expected weekly US oil inventory data from the US EIA (Energy Information Administration).

Latest WTI Oil Price

US WTI crude oil futures for September 2012 delivery was trading at $88.41 a barrel, 09:10 GMT today in electronic trading on the NYMEX. US crude oil futures fell after the data was released yesterday, down 85 cents at $87.65 per barrel.

Domestic stocks of crude, excluding oil held in the Strategic Petroleum Reserve, rose unexpectedly by 2.72 million barrels to 380.11 million barrels in the week to July 20, the EIA reported. The rise in crude stocks came as US crude imports rose 695,000 barrels per day to 9.59 million barrels.

Analysts were expecting crude oil inventories to decline by 250,000 barrels. The week before, US crude oil inventories decreased by 0.80 million barrels to 377.40 million barrels.

Energy demand in the US is raising red flags for oil traders, with stockpiles in the world’s biggest oil consumer spiking.

“US crude supply rose significantly overnight… the market had been looking for a fall,” said Nick Trevethan, senior commodities strategist for ANZ Research.

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WTI oil price holds near $88 amid higher weekly US oil inventory data