WTI oil trading at $113, Middle East unrest fueling prices

WTI oil futures open Monday’s trading session higher, near $113 a barrel as continued unrest in the Middle East is fueling oil prices, boosting fears that intensifying protests may eventually disrupt crude oil supplies from the region.

Latest WTI Oil Price

US Light crude oil futures for June 2011 delivery was trading at $112.74 a barrel, 07.50 GMT this morning in electronic trading on the NYMEX.

Oil prices have rocketed higher this year, boosted by turmoil in the Middle East and North Africa that has toppled leaders in Egypt and Tunisia and spread to Libya, Algeria, Bahrain, Iran, Oman, Syria and Yemen.

WTI Oil Futures Remain Bullish

Bullish bets on WTI crude oil futures climbed in the past week, according to the CFTC (Commodity Futures Trading Commission) weekly Commitments of Traders report. Net long positions in NYMEX WTI oil futures increased 8,337 futures and options combined, or 3 percent, to 289,916, according to the report.

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WTI oil trading at $113, Middle East unrest fueling prices