LP:WTI oil trading back around $89 on falling US oil stocks
WTI oil prices open Thursday’s trading session back around $89 a barrel as the latest weekly data out of the US showed a bigger than expected drop in US crude stocks, suggesting that American oil demand could be improving.
Latest WTI Oil Price
US Light crude oil futures for October 2011 delivery was trading at $88.96 a barrel, 08.30 GMT this morning in electronic trading on the NYMEX.
US Oil Stocks Falling Again
The US API (American Petroleum Institute) said late on Wednesday that crude inventories in America fell 3.0 million barrels last week while analysts had predicted a drop of just 1.7 million barrels.
The API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines in the US. The government requires that reports be filed with the Energy Department for its weekly survey.
The API’s report comes a day later than usual due to the Labour Day holiday in the US. Investors await official numbers from the Department of Energy’s Energy Information Administration due Thursday, also a day later than usual.
