WTI oil price may come under pressure this week on a higher US dollar

The price of NYMEX WTI crude oil may well come under more downward pressure this week as the US Dollar Index, the measure of strength in the American currency pushes higher back towards 81 levels.

Latest WTI Oil Price

US Light crude oil futures for March 2013 delivery was at $95.63 a barrel, whilst the US Dollar Index was up at 80.75. Brent crude edged up to $117.78 a barrel by 05:20 GMT after posting its first weekly loss since the first half of January.

Oil trading volumes are likely to be light today with US investors away for a public holiday.

In Asian trading Monday, EUR to USD fell 0.17 percent to 1.3341. The euro has been giving up recent gains against the greenback following data released last week that showed that euro zone GDP contracted by 0.6 percent in the three months to December.

Oil Price Spread WTI / Brent

The spread between European Brent and American WTI crude oil is now back to the $21 – $22 range, suggesting that oil supply concerns in the Middle East are still playing a big part in the premium Brent has over WTI.

Sanctions on Iran are still curbing supply from the third largest OPEC producer. Talks between Iran and major world powers on Tehran’s nuclear programme remained deadlocked and investors are looking ahead to another meeting on 26th February for any signs of progress.

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This article was written by: JR @ liveoilprices.co.uk

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WTI oil price may come under pressure this week on a higher US dollar