LP:WTI crude oil trading back at $81 as US oil stocks increase
WTI crude oil futures open Thursday’s trading session back at $81 a barrel after the US Department of Energy released it’s weekly oil stocks data which showed a surprise increase.
Latest WTI Oil Price
US Light crude oil futures for November 2011 delivery was trading at $81.73 a barrel, 08.15 GMT this morning in electronic trading on the NYMEX.
Data for the week ended 23rd September from the EIA (Energy Information Administration) showed that crude oil stocks rose by 1.9 million barrels compared to an expected rise of just 700,000 barrels.
There’s a little bit of a giveback” after a rally Tuesday that saw prices rise more than five percent. But there’s nothing too shocking in this report, and that’s why we’ve returned to pre report levels.” said Matt Smith, an analyst with consulting and research firm Summit Energy.
Also depressing oil prices was ConocoPhillips announcement that it also may close its 185,000 barrel a day refinery if it can’t find a buyer for the facility in the next six months. Such a move could shift more oil supply back onto the market.
