{"id":12202,"date":"2010-09-30T09:04:42","date_gmt":"2010-09-30T07:04:42","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12202\/wti-oil-price-trading-near-78-on-lower-us-oil-supplies\/"},"modified":"2010-09-30T09:04:42","modified_gmt":"2010-09-30T07:04:42","slug":"wti-oil-price-trading-near-78-on-lower-us-oil-supplies","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12202\/wti-oil-price-trading-near-78-on-lower-us-oil-supplies\/","title":{"rendered":"WTI oil price trading near $78 on lower US oil supplies"},"content":{"rendered":"

WTI oil prices open Thursday’s trading session near the $78 a barrel mark as lower US oil supply figures our yesterday boosted oil prices over two percent.<\/p>\n

US Light crude oil futures for November 2010 delivery was trading at $77.75 a barrel, 08.00 GMT on the NYMEX, after closing yesterday’s trading session at $77.86.<\/p>\n

Lower US Oil Supplies<\/strong><\/p>\n

The US Energy Department said commercial crude oil supplies decreased by 500,000 barrels to 357.9 million barrels, while analysts had forecast an increase of 2.2 million barrels.<\/p>\n

Meanwhile, the US dollar, which has been a key driver of oil prices recently, has regained a measure of strength after hitting a five month against the euro yesterday, although the dollar remains under pressure against a basket of major currencies.<\/p>\n

Crude oil prices rise when the US dollar weakens as the commodity becomes cheaper to buy for other currency holders.<\/p>\n

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