US WTI oil prices open Thursday’s trading session back over $98 a barrel as the lastest data showed weaker than expected crude oil stocks in the US, indicating that oil demand is still strong in America.
Latest WTI Oil Price
US Light crude oil futures for August 2011 delivery was trading at $98.006 a barrel, 07.55 GMT this morning in electronic trading on the NYMEX.
The US Department of Energy said in a weekly report that crude inventories dropped by 3.1 million barrels last week, more than double the amount expected by analysts.
Uncertainty about the strength of US crude oil demand has been a major factor keeping oil prices below their recent highs.
WTI Oil Back Over $100?
Although many analysts expect rising demand from emerging markets including China to pull WTI crude oil prices back above $100 a barrel this year, the US oil futures contract remains well below its high of around $115 a barrel reached in May 2011.
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WTI oil price trading over $98 on weaker US oil stocks
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