WTI oil prices open Thursday’s trading session steady near $89 a barrel after US oil inventories rose sharply last week, but the impact was blunted by a drop in US petrol stockpiles.<\/p>\n
Latest WTI Oil Price<\/strong><\/p>\n US Light crude oil futures for October 2011 delivery was trading at $89.06 a barrel, 06.15 GMT this morning in electronic trading on the NYMEX. The US contract closed yesterday’s session at $88.87, up 0.1 percent.<\/p>\n Amercian Oil Stockpiles<\/strong><\/p>\n American crude oil stockpiles rose 5.3 million barrels in the last week according to the US Department of Energy. Such a big increase typically weighs on crude oil prices, but a sharp drop in American petrol stocks and higher petrol demand blunted the effect.<\/p>\n “The data was somewhat neutral. I don’t see it as being a market mover in any one direction or another.” said Dominick Chirichella, analyst at the Energy Management Institute, New York.<\/p>\n US oil stockpiles rose by 5.3 million barrels last week, the US Department of Energy said in its weekly survey, however petrol inventories fell by 2.8 million barrels.<\/p>\n New Hurricane Threats<\/strong><\/p>\n Oil prices could move higher still if a major storm emerges in the Gulf of Mexico and once again could disrupt US oil production. One storm that has piqued traders interest is a tropical wave in the Caribbean Sea that the National Hurricane Centre said has a 25 percent chance of turning into a hurricane over the next 48 hours.<\/p>\n Tropical Storm Katia, located deeper in the Atlantic, could also pose a threat if it intensifies and swings towards the Gulf of Mexico.<\/p>\n<\/p>\n