WTI oil trading near $94 on falling US inventory stockpiles

WTI oil futures open Thursday’s trading session back around $94 a barrel after an American government report showed US oil supplies fell for a third week and refineries increased operating rates to the highest level in 10 months.

Latest WTI Oil Price

US Light crude oil futures for August 2011 delivery was trading at $94.20 a barrel, 06.00 GMT this morning in electronic trading on the NYMEX.

US WTI oil futures rose 1.3 percent after the US Energy Department said that oil inventories dropped 1.71 million barrels to 363.8 million last week.

Meanwhile, Chinese oil demand rose eight percent in May from a year earlier, the second month of single digit growth after expanding more than ten percent per month between October and March, said Platts, the energy information arm of McGraw Hill Cos.

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WTI oil trading near $94 on falling US inventory stockpiles