LP:WTI oil trading near $87 on mixed US oil inventory data
WTI oil futures open Wednesday’s trading session hovering at $87 a barrel as the latest weekly oil inventory data out of the US paints a mixed picture of ongoing consumer demand in America.
Latest WTI Oil Price
US Light crude oil futures for September 2011 delivery was trading at $87.34 a barrel, 07.25 GMT this morning in electronic trading on the NYMEX.
US Weekly Oil Inventory Data
The US API (American Petroleum Institute) said late on Tuesday that US crude oil inventories rose 1.7 million barrels last week while analysts had predicted a decrease of 500,000 barrels. However, petrol inventories fell 5.4 million barrels last week while distillates dropped 1.3 million barrels, the API said.
“The API numbers were quite supportive as gasoline supplies have come down, but risks continue to be there on the economic front.” said Victor Shum, an analyst with energy consultancy Purvin and Gertz.
The US EIA (Energy Information Administration) reports its weekly supply data later Wednesday.
