{"id":13399,"date":"2011-03-04T08:59:46","date_gmt":"2011-03-04T07:59:46","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13399\/wti-oil-trading-firm-at-102-us-jobs-data-supports-prices\/"},"modified":"2011-03-04T08:59:46","modified_gmt":"2011-03-04T07:59:46","slug":"wti-oil-trading-firm-at-102-us-jobs-data-supports-prices","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13399\/wti-oil-trading-firm-at-102-us-jobs-data-supports-prices\/","title":{"rendered":"WTI oil trading firm at $102, US jobs data supports prices"},"content":{"rendered":"

WTI oil prices open today’s trading session firm over $102 a barrel as American investors bet on positive US employment data, due out later today, which may show that the US economy is making some progress for recovery.<\/p>\n

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

US Light crude oil futures for April 2011 delivery was trading at $102.40 a barrel, 07.40 GMT this morning on the NYMEX. WTI oil traded through $100 a barrel earlier this week, the first time since the summer of 2008.<\/p>\n

Market optimism increased ahead of the release after it was shown applications for US unemployment benefits fell by 20,000 to a seasonally adjusted 368,000, the third decline in the past four weeks, the US Labour Department said.<\/p>\n

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

Historically, NYMEX WTI crude oil futures trade at a premium compared to foreign oil priced on the ICE Brent market. But recently something new has happened, domestic WTI crude oil priced at Cushing is selling for $15 less per barrel than European ICE Brent crude oil futures.<\/p>\n

WTI oil seems to be getting left behind as the European bencmark, Brent crude is now viewed by many as the real price indicator for oil futures around the world.<\/p>\n

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