US Light crude oil futures are back in the spotlight again after analysts said that the US EIA may report later today a fall in crude oil supplies after 10 consecutive weeks of gains for the US contract, which could point to stronger demand and higher prices. Latest WTI Oil Price US Light crude oil futures for January 2014 delivery was trading at $97.25 a barrel (or 1.1 percent higher) at 10:14 GMT this morning in electronic trading on the NYMEX. US Light crude futures rose $2.22 to $96.04 on Tuesday after TransCanada said the southern leg of its Keystone XL pipeline should be operational early next month. US Oil Supply and Demand US stockpiles data for the week ended November 29 is expected to show a decline of 1.25 million barrels in US crude oil stocks according to a survey of analysts by Platts. After markets closed yesterday evening, the US API (American Petroleum Institute) said that American crude oil inventories fell by 12.4 million barrels in the week ended November 29, compared to expectations for a decline of only 1.25 million barrel. Traders have been concerned over rising US crude oil inventories and increased production levels in recent weeks. US crude oil inventories have totaled 391.4 million barrels as of last week, the most since June, while domestic output hit 8.02 million barrels a day, the highest level in almost 25 years.

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