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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.

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Oil prices are trading under $70 mark on Wednesday as global stock markets fall amid European and Korean tensions hit commodity prices.

WTI Light crude oil futures for July delivery dropped to $68.75 on the NYMEX, while in London yesterday, Brent crude oil futures dropped as low as $68.15 on the ICE Futures Exchange.

Stock markets around the world fell Tuesday on worries that Europe’s problems will slow global growth and demand for crude and petrol.

The strains in Europe’s sovereign debt markets are nearing levels that forced EU leaders to launch their “shock and awe” rescue package.

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