WTI oil prices open Wednesday's trading session back at $90 per barrel as the latest crude oil supply figures out of the US suggest a big plunge in oil inventory levels.
US Light crude oil futures for Febraury 2011 delivery was trading at $90.10 a barrel, 05.15 GMT this morning on the NYMEX, according to Live Oil Prices.
Crude oil prices were higher Tuesday, with February contracts for West Texas Intermediate crude up 21 cents to $89.58 per barrel about an hour before the close of floor trade on the New York Mercantile Exchange, while Brent crude was recently up 24 cents to $92.98 per barrel on the ICE Futures Europe exchange in London, OIL Marketer reports.
"Oil prices have been well supported above $80 a barrel since around October," said Selena Ling, head of treasury research at Oversea-Chinese Banking Corp. in Singapore. "People are growing more confident that the U.S. is not entering a double dip recession."
Crude oil for February delivery rose as much as 45 cents to $90.27 a barrel in electronic trading on the New York Mercantile Exchange and was at $90.24 at 4:14 p.m. Singapore time. Prices have climbed 14 percent this year, Bloomberg reports.