WTI oil trading back under $83 although US crude stocks data positive
SondraHunterWTI oil futures open Wednesday’s trading session back under $83 a barrel as the latest weekly data out of America showed that crude oil stocks rose less than expected last week and stocks fell sharply at the Cushing, Oklahoma, delivery hub.
Latest WTI Oil Price
US Light crude oil futures for November 2011 delivery was trading at $82.83 a barrel, 06.25 GMT this morning in electronic trading on the NYMEX. The US WTI oil contract closed yesterday’s trading session up 3.4 percent at $83.75, mainly on renewed hopes that a solution to Europe’s debt problem would stick.
US Crude Oil Stocks
The API said that for the week to 23rd September, crude oil stocks rose by 568,000 barrels, against a forecast of an increase of 800,000 barrels. Meanwhile, US crude oil stocks at the Cushing, Oklahoma fell 1 million barrels, the API said.
Analysts expect data by the IS EIA (Energy Department’s Energy Information Administration) – the market benchmark — due later Wednesday to be bearish.
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WTI oil trading back under $83 although US crude stocks data positive
