WTI oil price trading near $94, US Dollar Index strengthens
BonTradeWTI oil prices open Tuesday’s trading session lower, near $94 a barrel as the US dollar sees another big move upwards, as seen by movements on the ICE US Dollar Index, a marker for US dollar strength which caps commodity prices including oil futures.
Latest WTI Oil Price
US Light crude oil futures for August 2011 delivery was trading at $94.64 a barrel, 06.45 GMT this morning in electronic trading on the NYMEX.
US Dollar Index Gains
The ICE US Dollar Index, which tracks the US dollar against six major world currencies was trading as high as 76.660 this morning, over one percent higher than yesterday’s close of 75.514.
The US dollar is making gains as the euro weakens as fears over Italy’s debt burden have emboldened bond vigilantes to attack the third largest economy in Europe. In addition, it would appear that the EU is closer to throwing in the towel on Greece and accepting some sort of restructuring in order to allow the country to deal with its massive deficit.
EU finance ministers meet later today and are under the cost to soothe market nerves ahead of Thursday’s Italian bond auctions. Italy is aiming to raise 7.75 billion euros in the debt market, according to estimates from Barclays Capital.
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WTI oil price trading near $94, US Dollar Index strengthens
