WTI oil price trading higher as Gulf cyclone Alex heads in

WTI Light oil prices edged higher in early trading on Friday after a US government forecast raised the chances that a weather system headed towards the Gulf of Mexico (named Alex) may develop into a tropical cyclone. WTI Light crude oil futures for August delivery were at $76.31 midday Singaproe time on the NYMEX. Weather models project the system will cross Mexico’s Yucatan Peninsula from the Caribbean over the next few days, re-emerging in the Gulf of Mexico, where both Mexican and US offshore oil production facilities are concentrated. Meanwhile, Asian stock markets opened weaker and European leaders meet this weekend at a G20 summit to discuss the European soverign debt crisis, both issues are having a negative effect on both WTI and Brent oil prices. Latest forecasts expect the weather system in the Caribbean to turn northwest and hit the coast near the Texas Mexico border, with Mexican oil fields producing more than 2 million barrels per day. However, some models expect the wave to turn northeast towards Florida and the eastern Gulf of Mexico, closer to US offshore production and where BP Plc is trying to clean up the biggest oil spill in US history. The tropical depression would be named Alex. Light oil prices trading up over $86 on messy Gulf oil spill Oil prices under $76 as US oil stocks higher, Gulf ban lifted WTI oil price dips as US jobs data shows increase WTI oil price rebounds near $75 on weaker US dollar WTI oil price trading higher, over $73 on US supplies data WTI oil price trading down 3 percent on firm US dollar Index July WTI Light oil price trading near $73 on US data Gulf deepwater oil drilling ban is lifted by US judge WTI oil price trading higher on US dollar & supply data Brent v WTI, the battle of the crude oil price benchmarks Brent oil price trading higher on stronger Euro, US data Brent oil price trading near $74 as BP shares take a hit WTI oil price at $72, US oil production in 2011 to drop Brent oil price trading above $72, looks to US crude data WTI oil trading above $71, expect higher oil prices soon US bans oil companies deepwater drilling for 6 months WTI oil price nears $75 after US crude supply data Brent oil price trading over $74 on US market bounce BP shares in freefall down £14bn as Gulf oil crisis deepens WTI oil price trading up near $72 on latest US data

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WTI oil price trading higher as Gulf cyclone Alex heads in