WTI oil futures end week little changed, near $100 a barrel

WTI oil futures end a relatively flat trading week holding ground near $100 a barrel as gloomy US economic data and a stronger US dollar failed to take the sparkle out of high oil prices, but can OPEC help?

WTI Oil Futures – Closing Price

US Light crude oil futures for July 2011 delivery ended the week’s trading session at $100.49 a barrel on the NYMEX, $0.21 lower than last week’s closing price of $100.70.

“It looks like we are going to continue between $95 and $105 a barrel for a little while longer.” said Gene McGillian, analyst and broker at Tradition Energy in Stamford.

“It’s hard to argue that oil prices will come off real significantly without a move back to recession.” said Andy Lebow, senior vice president for energy at MF Global.

OPEC Meeting Looms

The oil futures market will turn attention to the meeting of OPEC member countries next week, taking place on 8th June. Rumours are that OPEC oil output maybe raised in an attempt to lower oil prices.

The market will be watching for signs of whether Saudi Arabia will boost its oil output to cool down prices.

However, the Saudis, who hold virtually all of the world’s spare capacity, may want to keep oil prices higher than OPEC’s loose target of around $85 a barrel, to cover the cost of massive new spending on thier own social and military programs.

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WTI oil futures end week little changed, near $100 a barrel