LP:WTI oil price trading near $100 as US crude data comes in positive
The price of US WTI oil futures open Wednesday’s trading session holding near the magic $100 a barrel mark even though yesterday’s API crude oil stocks data out of the US comes in positive.
Latest WTI Oil Price
US Light crude oil futures for December 2011 delivery as trading at $99.72 a barrel, 07.45 GMT this morning in electronic trading on the NYMEX.
Weekly US API Oil Data
US crude oil supplies unexpectedly climbed by 1.3 million barrels for the week ended 11th November, the US API (American Petroleum Institute) said late Tuesday, however petrol inventories dropped by 2.9 million barrels and distillate inventories declined by 2.6 million barrels.
Meanwhile, analysts and traders have been watching a tightening picture for supply and demand fundamentals in the US, and expect supplies to drop further when the US Energy Information Administration reports weekly inventories on Wednesday.
Though triple digit oil prices in America will grab attention from consumers and politicians, it is not much different in incremental terms from where oil has been since it broke past $90 at the start of the month.
“From a fundamental perspective, when prices go up it means the commodity is more expensive. There is no compelling information contained in whether the first number in the oil price is a nine or a one. This is numerology.” said Tim Evans, an analyst with Citi Futures Perspective.
