{"id":12712,"date":"2010-12-08T08:17:32","date_gmt":"2010-12-08T07:17:32","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12712\/wti-oil-price-trading-near-88-on-profit-taking-dollar\/"},"modified":"2010-12-08T08:17:32","modified_gmt":"2010-12-08T07:17:32","slug":"wti-oil-price-trading-near-88-on-profit-taking-dollar","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12712\/wti-oil-price-trading-near-88-on-profit-taking-dollar\/","title":{"rendered":"WTI oil price trading near $88 on profit taking, dollar"},"content":{"rendered":"

WTI oil futures open today’s trading session lower as the US dollar rebounds and traders locked in profits after WTI oil prices rose above $90 a barrel for the first time in more than two years.<\/p>\n

Latest WTI Oil Price<\/strong><\/p>\n

US Light crude oil futures for January 2011 delivery was trading at $87.75 a barrel, 07.00 GMT on the NYMEX, after hitting $90.76 yesterday, the highest price since 8th October 2008.<\/p>\n

Meanwhile, the US Energy Department bolstered its oil price forecast for 2011 on projections for higher global economic growth. WTI oil prices are forecast to average $86.08 a barrel in 2011, up from last month\u2019s forecast of $85.17, the department said yesterday in its monthly Energy Outlook.<\/p>\n

“It doesn\u2019t take that much of an increase in demand to tighten the market and raise prices.” said Tancred Lidderdale, an economist with the EIA.<\/p>\n

Traders will seek more clues on the strength of crude oil demand from US oil supply figures due out later today.<\/p>\n

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