LP:WTI crude oil trading flat near $89 on US EIA oil data
WTI oil futures open Thursday’s trading session flat near $89 a barrel as the latest weekly US EIA data showed that American crude oil stocks fell by several million barrels last week, the most this year.
Latest WTI Oil Price
US Light crude oil futures for October 2010 delivery was trading at $88.50 a barrel, 06.05 GMT this morning in electronic trading on the NYMEX. The US contract closed yesterday’s trading session at $88.51 at hitting $90 for the first time since August.
US Oil Data
US crude oil stocks dropped 6.7 million barrels to 346.38 million barrels in the week to 9th September, the largest weekly drop this year and took inventories to their lowest level since February. Analysts had projected a 3.1 million barrel drawdown.
“Tropical Storm Lee reduced production of oil and so we were down, but that’s a temporary issue.” said Tim Evans at Citi Futures in New York.
“All those in the market are taking only small positions, so as not to be too committed. We may see large swings today or tomorrow, but it’d be because the market is volatile.” according to Newedge Japan trader Masaki Suematsu.
