{"id":12963,"date":"2011-01-05T10:39:15","date_gmt":"2011-01-05T09:39:15","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12963\/wti-oil-futures-under-89-ahead-of-weekly-eia-oil-data\/"},"modified":"2011-01-05T10:39:15","modified_gmt":"2011-01-05T09:39:15","slug":"wti-oil-futures-under-89-ahead-of-weekly-eia-oil-data","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12963\/wti-oil-futures-under-89-ahead-of-weekly-eia-oil-data\/","title":{"rendered":"WTI oil futures under $89 ahead of weekly EIA oil data"},"content":{"rendered":"

WTI oil prices have dipped below $89 in the last 24 hours as a stronger US dollar and profit taking from traders bite, today’s focus includes the latest crude oil data out of the US from the EIA.<\/p>\n

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

US Light crude oil futures for February 2011 delivery was trading at $88.67 a barrel, 09.30 GMT this morning on the NYMEX.<\/p>\n

Oil Traders Taking Profits, Await EIA Data<\/strong><\/p>\n

The oil futures market dipped as traders avoided moving large positions before the release of US oil inventory data due at 15.30 GMT today from the US EIA (Energy Information Administration).<\/p>\n

“Given the huge drop last night, and the fact that other major commodities like gold are also falling, crude oil prices are more likely to test $89 again than to rally toward $90.” said Newedge Japan trader Rikio Ishikura.<\/p>\n

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