LP:US Light oil price falls back under $100 following EIA weekly report
The price of US Light crude oil fell back under the magic $100 a barrel mark in trading this morning following yesterday’s modest rise in American oil inventories as reported by the US EIA (Energy Information Administration).
Latest WTI Oil Price
US Light crude oil futures for March 2014 delivery was at $99.57 a barrel, 08:52 GMT this morning in electronic trading on the NYMEX. Meanwhile,on the ICE Futures Exchange in London, Brent oil futures for March delivery was 0.5 percent lower at $107.76 a barrel.
The US EIA said in its weekly report that US crude oil inventories rose by 3.3 million barrels in the week ended 7th February, compared to expectations for an increase of 2.7 million barrels. Total US crude oil inventories stood at 361.4 million barrels as of last week.
“We’re looking at a build in crude that’s going to happen regardless of a draw in Cushing because refineries are entering seasonal maintenance and using less crude oil,” said Carl Larry, analyst for Oil Outlooks & Opinions.
