WTI crude oil trading near $101 on weaker US dollar

WTI oil futures open Friday’s trading session back around $101 a barrel as the US dollar weakened in currency markets, adding fuel to higher commodity and oil prices.

Latest WTI Oil Price

US Light crude oil futures for July 2011 delivery was trading at $100.76 a barrel, 08.25 GMT this morning in electronic trading on the NYMEX.

Weaker Dollar Supporting Oil Prices

Meanwhile, US dollar weakened, as seen by weakness in the ICE US Dollar Index, which sank 0.7 percent, set for its biggest drop since 20th April.

“The immediate factor impacting crude’s trade direction is the US dollar, which is helping to support oil prices. It’s also the Memorial Day holiday in the US on Monday, and most traders wouldn’t want to be caught short over the long weekend.” Victor Shum, an analyst at Purvin & Gertz, said in Singapore.

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WTI crude oil trading near $101 on weaker US dollar