WTI oil futures close near $75 amid decline in US oil stocks

WTI oil futures ended the week’s trading session near the $75 mark, around a dollar lower than last week’s closing price amid a decline in oil stocks at Cushing, Oklahoma.

US Light crude oil futures for October 2010 delivery closed Friday’s session at $74.60 a barrel on the NYMEX, down from $75.60 a week earlier.

NYMEX Trading Closed for US Labour Day Holiday

There will be no floor trading on the NYMEX on Monday September 6th because of the US Labour Day holiday, and all electronic trades will be counted as part of the September 7th trading session.

“We had two pieces of critical economic data on the Friday before the Labour Day weekend. Oil prices were bid up after the payroll number, and when the ISM came out investors sold off.” said Jason Schenker of Prestige Economics in Texas.

US Oil Supplies at Lowest Level Since April 2010

US crude oil supplies were projected to rise 1.2 million barrels this week, however crude oil inventories at Cushing, Oklahoma, the delivery point for New York futures actually dropped 503,000 barrels to 35.8 million. The decline left oil stockpiles at the lowest level since the week ended April 23rd 2010.

In trading, oil volume in New York was at 747,132 contracts as of 20.08 GMT in electronic trading on the NYMEX. Total NYMEX WTI oil futures trading volumes totaled 915,387 contracts on Friday, 47 percent above the average of the past three months.

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