{"id":13118,"date":"2011-01-25T09:18:36","date_gmt":"2011-01-25T08:18:36","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13118\/wti-oil-trading-near-88-ahead-of-weekly-eia-oil-supply-data\/"},"modified":"2011-01-25T09:18:36","modified_gmt":"2011-01-25T08:18:36","slug":"wti-oil-trading-near-88-ahead-of-weekly-eia-oil-supply-data","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13118\/wti-oil-trading-near-88-ahead-of-weekly-eia-oil-supply-data\/","title":{"rendered":"WTI oil trading near $88 ahead of weekly EIA oil supply data"},"content":{"rendered":"

WTI oil prices open today’s trading session around $88 a barrel as expectations the US EIA (Energy Information Administration) will report rising crude oil supplies in it’s oil inventory report, due out later this week.<\/p>\n

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

US Light crude oil futures for March 2011 delivery was trading at $87.62 a barrel, 08.00 GMT this morning on the ICE Futures Exchange.<\/p>\n

Meanwhile, the ICE US Dollar Index, which tracks the US dollar against six major world currencies was at 78.04 this morning, and slipped below 78.0 yesterday. A weaker US dollar usually boosts oil prices.<\/p>\n

Weekly US Oil Supply Data<\/strong><\/p>\n

Crude oil inventories in the US are expected to rise by 400,000 barrels this week, according to the average estimate of six analysts polled by Dow Jones Newswires.<\/p>\n

Price Spread WTI and Brent<\/strong><\/p>\n

The widening price spread between WTI and Brent may have prompted some traders to reduce their position in WTI in favor of Brent barrels.<\/p>\n

Brent oil futures are currently trading at around an $8 premium to the US counterpart, WTI oil futures.<\/p>\n

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