WTI oil price trading near $77, awaits EIA inventory data

WTI oil prices open Wednesday’s trading session just under $77 a barrel mark as the market awaits the latest set of EIA crude oil inventory data which is due to be released later today. US Light crude oil futures for August 2010 delivery was at $77.10, 08.00 GMT on the NYMEX, with prices edging into negative territory as the Euro weakened against the US dollar. If the EIA data shows a fall in inventories close to market forecasts we may see a selloff in oil futures. Meanwhile, the US government has delayed plans to bolster the accuracy of its crude oil inventory surveys, despite concerns about the reliability of the data from the EIA. A report in 2009 found “critical” shortcomings in the weekly surveys published by the statistical arm of the Department of Energy including decades old data processing methods and a bare bones staff with little time to catch errors before the survey is released each week. In the US, every week sees the EIA report on stockpiles of crude oil, gasoline and distillates, which traders can use to help them figure out possible future moves in oil prices, affecting both WTI and Brent crude contracts. Brent oil price trading above $72, looks to US crude data WTI oil price trading higher, over $73 on US supplies data July WTI Light oil price trading near $73 on US data Brent oil price trading static, awaits US oil inventory data WTI oil price shoots higher to $77 on latest IEA report WTI oil price trading back near $75, US dollar makes gains WTI oil price trading near $76, awaits US company’s data WTI oil price near $75 on Dow Jones, US oil supply drop Brent oil price gives up gains, trading back under $72 WTI oil price up over $73 as the US dollar looses out WTI oil price lower, Hurricane Alex to miss Gulf oil platforms Brent oil price dips to $78, finding $80 mark a struggle Brent v WTI, the battle of the crude oil price benchmarks Brent oil price trading higher on stronger Euro, US data WTI oil price rebounds near $75 on weaker US dollar WTI oil price nears $75 after US crude supply data WTI oil price trading up near $72 on latest US data Brent oil price trading at $74 as new Euro concerns hit WTI oil price at $69 mark on strong dollar, high stocks Light oil price trading near $80 on US inventories data, dollar

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WTI oil price trading near $77, awaits EIA inventory data