WTI crude oil futures open Monday’s trading session flat around $97 a barrel as global economic debt fears, weaker US consumer confidence and more signs of financial stress in Europe kept a lid on investors buying appetite. Latest WTI Oil Price US Light crude oil futures for August 2011 delivery was trading at $96.98 a barrel, 08.20 GMT this morning in electronic trading on the NYMEX. US WTI crude oil futures closed Friday’s trading session at $97.24 a barrel. European Banks Tests Weigh On Friday, 8 of 90 European banks failed stress tests designed to gauge how they would fare in another recession, and 16 more barely passed. Investors in Europe have been rattled by concern Greece’s debt crisis could spread to other EU countries and further undermine already weak economic growth. Meanwhile, US consumer confidence fell in July to its lowest in more than two years, according to a survey released last Friday. “Major economic data and monthly oil reports are done so the market will be obsessed with the debt situation in the US and Europe for the immediate future.” said Linda Rafield, Senior Oil Analyst at Platts.

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