WTI oil futures close the week’s trading session at $91 a barrel after Thursday’s IEA oil supply boost announcement saw both WTI and Brent oil prices fall by several percentage points, however hopes that oil prices will remain falling could soon reverse.<\/p>\n
WTI Oil Futures \u2013 Closing Price<\/strong><\/p>\n US Light crude oil futures for August 2011 delivery ended the week\u2019s trading session at $91.29 a barrel on the NYMEX, $1.72 lower than last week\u2019s closing price of $93.01.<\/p>\n More Oil Needed?<\/strong><\/p>\n Some market participants have criticised the stock release and questioned whether it was really necessary. Iran and other OPEC member countries have claimed the market was well supplied and there was no need for more oil.<\/p>\n The IEA decision followed a failure by OPEC to increase global oil output at a meeting earlier this month although OPEC member Saudi Arabia had pledged to deliver any oil the market needed.<\/p>\n The reality for the oil market is something rather different. With Libya’s oil output at a standstill, with unrest in several other Middle East countries which could affect oil supplies, together with record global oil demand this year, it seems that the IEA statement could end up just being wishful thinking.<\/p>\n The plan is that IEA member countries will release two million barrels of oil reserves per day over the next 30 days. This action must be due to the fact that oil supply is in fact running several million barrels per day below global oil demand.<\/p>\n<\/p>\n