WTI oil trading at $97 after OPEC global demand forecast

WTI oil futures open Wednesday’s trading session back around $97 a barrel after OPEC commented that global crude oil demand will be the highest ever this year, despite weak gasoline consumption in the US and the credit crisis in Europe that has raised concerns about international demand for oil.

Latest WTI Oil Price

US Light crude oil futures for August 2011 delivery was trading at $97.29 a barrel, 08.10 GMT this morning in electronic trading on the NYMEX.

While OPEC thinks global demand will continue to increase this year to the highest levels ever, however the monthly report it released on Tuesday said that demand won’t grow as much as it previously expected.

OPEC 2011 Oil Demand Forecast

OPEC forecasts that daily world oil consumption will increase in 2011 by 1.36m barrels, down from a previous estimate of 1.38m barrels to an average 88.18m barrels.

OPEC said it cut demand expectations as the unsteady global economy has added risks to the forecast. The report also said it’s hard to estimate how much oil the US will consume this year.

OPEC last met in Vienna in June, when its members failed to agree on crude output limits for the first time in at least 20 years. “It was one of the worst meetings we’ve ever had,” Saudi Oil Minister Ali al-Naimi said.

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WTI oil trading at $97 after OPEC global demand forecast