WTI oil trading firm over $108, OPEC unable to help out

US WTI oil prices open Thursday’s trading session firm over $108 a barrel, while OPEC ministers brushed aside worries that high oil prices would slow economic growth, saying there was little they could do to rein in triple digit crude oil prices. Latest WTI Oil Price US Light crude oil futures for May 2011 delivery was trading at $108.33, 05.55 GMT this morning in electronic trading on the NYMEX. WTI oil futures ended yesterday’s session up 0.7 percent at $108.74 a barrel. All That OPEC Can Do? “All that OPEC can do is provide the market with the oil it needs and it is doing that. We have not seen any slowdown in growth.” said Iraq’s Deputy Prime Minister for Energy Affairs Hussain al-Shahristani. “The fundamentals are all okay with regards to supply. The stocks are all at a healthy level. With regards to speculation, that is nothing that OPEC can do anything about. But apparently that is the main reason why oil prices are at these levels.” said Qatari Energy Minister Mohammed Saleh al-Sada. Asked if OPEC would increase oil production when it meets in June, Sada said “Raising output will happen if there is a problem with supply, and that is not the case.” Oil Trading at 2011 Highs Both US WTI and the European benchmark, Brent oil futures remain at two and a half year highs, mainly due to falling oil output from Libya and concerns about possible future oil supply problems from several countries in the Middle East. WTI oil price closes week at 30 month high over $105 WTI oil trading firm at $91, Iran says $100 not unrealistic WTI oil trading firm over $104 amid higher US inventories WTI oil trading near $105 amid rising US oil inventories WTI oil trading firm at $105, US Dollar Index makes gains WTI crude oil opens trading over $106, will go higher WTI oil trading firm at $102, US jobs data supports prices WTI crude oil trading near $92 after grim US EIA data WTI oil firm at $92, investors bet prices will trade higher WTI oil trading firm over $91 amid higher US oil data WTI oil price trading firm at $91, $150 by summer 2011? WTI oil trading over $88, all bad news for US consumers WTI oil trading at $82 on mixed US oil supply data, dollar WTI oil trading near $84 on latest US oil supply figures WTI oil trading over $80 as investors turn bullish on oil WTI oil trading above $75 amid higher US oil stocks WTI oil trading firm at $108, crude prices remain bullish WTI oil price trading at $108, sets a new 28 month high Brent oil trading closer to $120, oil prices remain bullish WTI oil trading over $108 on Libya, Middle East tensions

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WTI oil trading firm over $108, OPEC unable to help out