WTI crude oil trading back near $95 on market uncertainty

WTI oil futures open Thursday’s trading session back near $95 a barrel after stock markets slumped yesterday and oil prices took a big dive lower, loosing nearly 4 percent in the session.

Latest WTI Oil Price

US Light crude oil futures for JUly 2011 delivery was trading at $95.20 a barrel, 08.00 GMT this morning in electronic trading on the NYMEX.

US WTI oil futures slumped to a low $94.01 a barrel before settling down $4.56 at $94.81 a barrel on the NYMEX in trading on Wednesday, its lowest close since 18th February 2011.

EIA Weekly Oil Report

The slide in oil prices did have a temporary reprieve after the US EIA weekly oil inventory report showed crude stocks fell more than expected last week.

The EIA said that US crude oil stockpiles were down by 3.4 million barrels last week to 365.6 million barrels against an expected decline of 1.9 million barrels, although oil inventories remained 0.7 percent above last year’s levels.

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WTI crude oil trading back near $95 on market uncertainty