WTI crude oil price ends week at $93, a four month low

WTI crude oil ends the week’s trading session back at $93 a barrel, a four month low, mainly on concern that the ongoing debt crisis in Greece and sluggish US economic growth will slow global oil demand.

WTI Oil Futures – Closing Price

US Light crude oil futures for July 2011 delivery ended the week’s trading session at $93.01 a barrel on the NYMEX, $6.10 lower than last week’s closing price of $99.11.

Ongoing debt crisis talks continue for debt ridden Greece which are affecting stock markets, commodity prices and currencies. Meanwhile, the US dollar is seeing some strength as investors grow concerned about the strength of the euro.

Oil Price to Dip Lower?

“There is a lot of worry about demand destruction. Demand does not support oil prices at these levels. I definitely think we’ll see crude below $90 a barrel next week.” said Zachary Oxman, managing director at TrendMax Futures.

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WTI crude oil price ends week at $93, a four month low