WTI oil futures open Friday’s trading session near $96 a barrel as a stronger US dollar helped to hold crude oil prices under three digits amid the lack of big market moving news and thin volumes on Thursday as America celebrated Thanksgiving Day.
Latest WTI Oil Price
US Light crude oil futures for January 2012 delivery was trading at $96.29 a barrel, 07.55 GMT this morning in electronic trading on the NYMEX.
Stronger US Dollar
The US dollar climbed extended this week’s gains, as investors sought the safest assets on concern economies in the euro area will worsen as leaders struggle to halt the region’s debt crisis.
The US Dollar Index, which tracks the dollar against six major world currencies was at 79.415 in early trading today, at levels not seen since early October.
A stronger US dollar is again pushing commodity prices lower, however crude oil prices remained supported amid fears over a disruption to oil supplies in the Middle East.
Oil prices may rise this winter as France’s call for a European embargo on crude supplies from Iran increases a geopolitical premium on prices, according to Gordon Kwan, head of energy research at Mirae in Hong Kong.
“Iran has a grip over the Strait of Hormuz, through which about a third of seaborne oil cargoes from the Middle East passes. Potential military confrontations over Iran’s nuclear program will keep Brent about $10 to $15 a barrel higher than WTI oil futures.” Kwan said in emailed comments today.
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US WTI oil futures trading near $96 as dollar holds crude prices down
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