WTI oil futures open Friday’s trading session back near $84 a barrel as debt concerns in Euro countries reached new heights on talks that France could be the next country to lose its prime credit rating. Latest WTI Oil Price US Light crude oil futures for September 2011 delivery was trading at $84.22 a barrel, 07.40 GMT this morning in electronic trading on the NYMEX. The contract closed yesterday’s trading session up 3.9 percent at $85.48. Credit Rating Battles Rumours that France could lose its coveted AAA credit rating were spreading less than a week after the US lost its prime credit rating with a landmark downgrade by Standard & Poor’s. “Focus has now shifted from Ireland and Greece and Portugal and Italy and Spain to now rest on France, and the fear that the current crisis is materially hurting the second largest country in the Euro.” said Summit Energy analyst Matt Smith. With this recent rising market uncertainty, JBC Energy analysts have lowered their 2011 oil demand growth outlook by 150,000 barrels a day to 1.39 million barrels a day. Their negative revision follows the IEA’s warnings that it may have to more than halve its oil demand growth outlook for 2012 if global economic growth slows to 3 percent.

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