WTI oil futures open Thursday’s trading session at $92 a barrel as stock markets get a boost from news that a deal has been reached on the debt situation surrounding Europe.
Latest WTI Oil Price
US Light crude oil futures for December 2011 delivery was trading at $92.17 a barrel, 07.05 GMT this morning in electronic trading on the NYMEX. The US contract closed yesterday’s session down 2.5 percent at $90.71, mainly on higher than expected weekly US oil stocks data.
Europe Debt Deal
European leaders have finally reached a three pronged agreement which they say is vital to resolving the region’s massive debt crisis, the news pushed Asian stock markets back into a rally and oil prices are following suit.
“The stock markets, if you look at the Japan Nikkei index, are also reacting positively to this development. The macro event and the financial markets are leading and oil futures are reacting even though the crude inventories in the US have increased substantially.” said Victor Shum of Purvin & Gertz.
US crude oil stocks rose 4.74 million barrels to 337.63 million barrels in the week to 21st October, according to the EIA in a their weekly report yesterday, which was sharply higher compared to analysts projection of a 1.3 million build.
US WTI crude has jumped about 21 percent from a price of around $75 reached on 4th October and oil prices are following stock market patterns over the more traditional supply and demand indicators.
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WTI oil trading at $92 as markets get boost from Europe deal
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