WTI oil futures open Friday’s trading session firm near $95 a barrel after a mostly bullish week sees US Light crude bounce back from lows, whilst traders and investors look at oil demand from major consuming nations to gauge future oil price direction.<\/p>\n
Latest WTI Oil Price<\/strong><\/p>\n US Light crude oil futures for August 2011 delivery was trading at $94.70 a barrel, 06.25 GMT this morning in electronic trading on the NYMEX. The contract closed yesterday’s trading session at $95.02.<\/p>\n Global Oil Demand Mixed<\/strong><\/p>\n US crude oil demand in April 2011 was weaker than previously projected, with monthly oil consumption posting its first year over year drop since November 2009, the US government had reported on Wednesday.<\/p>\n “Demand is diminished relative to what might have been expected and it’s mainly happening in the east. They\u2019re getting towards the peak of the maintenance season in the east, so it may be a temporary lull.” said Roy Mason, the founder of Oil Movements.<\/p>\n However, Japanese inland deliveries staged a strong recovery in May, totalling 3.405 million barrels per day, lower year on year by just 90 thousand barrels per day, having fallen by over 200 thousand barrels in the prior two months in the aftermath of Japan’s recent earthquake.<\/p>\n Oil prices are being affected by economic problems in Europe and the US, whilst the US dollar is still a big factor and driver of the price of oil. But it will be oil demand which will have the last say for oil prices as global supplies tighten and demand continues to climb.<\/p>\n<\/p>\n