WTI oil trading at $95, US crude oil inventories hit again

WTI oil futures open today’s trading session back near $95 a barrel as the latest crude oil inventory report out of the US sees oil stocks in America fall by over 4 million barrels, adding fuel to oil price rises

Latest WTI Oil Price

US Light crude oil futures for August 2011 delivery was trading at $95.25 a barrel, 06.45 GMT this morning in electronic trading on the NYMEX. US Light crude closed off yesterday’s session up 2.4 percent

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In the States, US crude oil stockpiles fell 4.4 million barrels to 359.5 million barrels, compared with an average survey estimate of a 1.6 million barrel decline, according to the US Department of Energy.

Also the approval of the Greece austerity plan boosted the risk appetite in markets and the equities and commodities surged.

A reappraisal of the impact of the IEA’s oil call intervention last week triggered the reversal. Oil traders have shifted their focus to an expected oil supply squeeze in the next few years instead of the prospect of an additional 2 million barrels a day of oil for a month.

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The reality remains that the current market is still grappling with a structural change that has effectively resulted in the gain of some five years of oil demand in one year.” said Amrita Sen, oil analyst at Barclays Capital.