WTI oil trading back over $107 on latest US supply data

WTI oil futures open today’s trading session back above $107 a barrel after the latest US inventory data from the EIA saw crude oil stocks rising, however gasoline levels fell the most in 12 years as US demand rose and crude oil refineries idled units.

Latest WTI Oil Price

US Light crude oil futures for May 2011 delivery was trading at $107.34 a barrel, 07.30 GMT this morning in electronic trading on the NYMEX.

The EIA said that US gasoline supplies had fallen by 7 million barrels to 209.7 million last week, stockpiles were forecast to decline by only 1 million barrels, while consumption of US fuel climbed the most in more than five months.

Inventories of US crude oil rose 1.63 million barrels to 359.3 million, the department said. US oil supplies were forecast to increase by 1 million barrels.

Higher Oil Prices

“The report today was very interesting because the draw in gasoline stocks was seven times bigger than what people expected. Higher oil prices haven’t had enough of an impact on demand to end the bullish trend.” said Sean Brodrick, a natural resource analyst with Weiss Research, Florida.

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WTI oil trading back over $107 on latest US supply data