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WTI oil futures end week near $88 as US market helps lift prices

WTI oil futures end a bullish trading week back near $88 a barrel as the US stock market rose higher, helping to lift oil and other commodity prices, whilst some analysts are also pointing to tightening US supplies as a driver of NYMEX oil prices.

WTI Oil Futures – Closing Price

US Light crude oil futures for December 2011 delivery ended the week’s trading session at $87.40 a barrel on the NYMEX.

US Stock Market

US stocks surged higher Friday and registered another weekly gain, following a batch of corporate earnings and ahead of this weekend’s European Union summit on the sovereign debt crisis.

The Dow Jones Industrial Average rallied 267.01 points, or 2.31%, to 11808.79, finishing the week up 1.4% and closing at its highest level since 3rd August.

Meanwhile, in its weekly inventory survey on Wednesday, the US EIA (Energy Information Administration) reported a larger than expected 4.7 million barrel drawdown of US crude oil stockpiles, bringing American oil inventories to their lowest level in nearly two years.

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