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WTI oil price hover nears $75 after US crude supply dip

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WTI oil prices are closing back in on the $75 mark on Friday as the latest US crude oil supply data showed a dip lower.

Light crude oil futures for July delivery was at $74.67 midday Singapore time on Friday on the NYMEX.

Oil prices advanced 2.4 percent after the US Department of Energy said US crude oil supplies fell 1.9 million barrels to 363.2 million last week, while crude oil inventories were forecast to be unchanged, according to the Bloomberg News survey.

US stockpiles were forecast to drop by 500,000 barrels, according to analysts surveyed by Bloomberg News.

However, stockpiles of WTI crude oil at Cushing, Oklahoma, where New York traded WTI oil is delivered, rose to 37.9 million barrels, the second-highest level since the US Energy Department started keeping records at the storage hub in 2004.

Oil prices back at $70 range after 20 percent May losses

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Page added on May 22, 2010

Crude oil prices have ended this week’s trading around the $70 mark and have seen about a 20 percent loss since hitting an 18 month market high of $87.15 on May 3rd 2010.

US Light crude oil futures settled at $70.04 on the NYMEX, while in London, Brent crude oil futures closed at $71.68 on the ICE Futures Exchange. Continued weakness in the oil market below $70 a barrel could send crude oil prices tumbling further.

On Thursday, the last day of trading for the June contract, WTI oil prices swung up and down by as much as 10 percent before settling 2 percent lower.

“The market tried to stabilise but started slipping again at the end of the day. Nothing changed, the trend is still down, until proven otherwise,” said analyst Tom Bentz at BNP Paribas.

The market also tumbled as the euro slumped to a new four year low against the US dollar on Wednesday as investors were shocked by Germany’s unilateral move to impose restrictions on what it termed highly speculative trading practices.

A stronger US unit makes dollar priced crude oil more expensive for buyers using weaker currencies, denting demand, which leads to lower oil prices.