WTI oil futures trading firm amid stronger US dollar

WTI oil futures open Friday’s trading session firm over $88 amid a stronger US dollar, as seen by upward movements in the ICE Dollar Index.

Latest WTI Oil Price

US Light crude oil futures for January 2011 delivery was trading at $88.64 a barrel, 08.15 GMT this morning on the NYMEX.

Meanwhile, the ICE Dollar Index, which track the US dollar against six major world currencies, moved back through the 80 level, to 80.005. A stronger US dollar makes oil and other commodities more expensive for buyers using other currencies.

OPEC Meets in Ecuador

Tomorrow, attention will turn to a meeting of OPEC member countries. OPEC, which produces roughly one third of the world’s oil, is widely expected to keep quotas unchanged. Still, market participants will be closely watching any reports from the group, which meets Saturday in Quito, Ecuador.

“We’re taking a bit of a breather after getting this $90 break out of the way. Price moves in crude oil are likely to remain subdued ahead of clarity from OPEC and China.” said Matt Smith, oil analyst with Summit Energy.

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WTI oil futures trading firm amid stronger US dollar