WTI oil trading above $75 amid higher US oil stocks

WTI oil prices are trading slightly lower on Wednesday, but still above $75 after the latest data from Asia showed that US crude supplies grew last week, indicating demand for oil may be weakening.

US Light crude oil futures for September 2010 delivery was trading at $75.60, 07.45 GMT on the NYMEX.

“The API numbers were bearish, showing inventory builds in both refined products and in crude oil stocks, and showing weaker oil demand.” said Cameron Hanover in a report that the latest data was unexpected and surprising.

“The fact that crude oil stocks and gasoline is building, that’s definitely not good. We’ve got some way to go before people are confident about the US economy.” said Anthony Nunan, at Mitsubishi Corp in Tokyo.

Meanwhile, a US Energy Department report scheduled to be released at 10.30am in Washington today may show that US gasoline supplies declined 375,000 barrels last week.

Tags:  crude, demand, oil, oil prices, oil trading, supplies, trading, US, WTI, wti oil price