Crude Oil Price Update-WTI Goes Above $ 100 Mark

Oil futures climbed, as reports released by the US Energy Depratment showed declining oil supplies and increased refinery capacity. WTI crude futures climbed by 0.25 percent to USD $ 100.35 a barrel.Brent crude futures rose by 0.32 percent to USD $ 112.66 a barrel.

The US Energy Department said that crude stockpiles declined sharply by 15000 barrels last week to 370.3 million barrels. A decline in crude stockpiles is an indication of rising demand of oil. At the same time, reports also indicated towards a shortage of oil supplies. Crude oil imports fell by 4.4 percent to 8.57 million barrels per day. Also, supplies at Cushing, Oklahoma, the trading hub where the WTI contracts are settled,declined by 1.59 million barrels to 40 million. There were also wildfires in Alberta, Canada, which shut a pipeline that would halt more than 55000 barrels of daily output of oil. A combination of signs about reduced oil supply and increased oil demand pushed oil prices above the $100 barrel mark.