LP:WTI oil trading over $91 after climbing over 4 percent yesterday
WTI oil futures open Tuesday’s trading session over $91 a barrel after investors piled back into buying the US oil contract on signs global economic growth may not slow as much as some investors had previously expected.
Latest WTI Oil Price
US Light crude oil futures for December 2011 delivery was at $91.67 a barrel, 07.10 GMT this morning in electronic trading on the NYMEX. The US contract closed yesterday’s session at $91.53, up 4.5 percent on the day.
Oil Prices Going Higher
After bracing for a possible recession in the US and Europe, it seems that analysts say investors have changed course and are now trading with the expectation that Western economies will keep growing this year, albeit slowly.
Both WTI and Brent crude oil futures have seen large gains amid growing investor optimism that European leaders will devise a plan to limit the damage from a possible default of Greek sovereign debt.
