US WTI crude oil futures open today’s trading session back near $95 a barrel as market volatility, mixed with a stronger US dollar help cap crude prices as rising output, combined with the Fed’s comments on Wednesday put downward pressure on oil.
Latest WTI Oil Price
US Light crude oil futures for July 2013 delivery was trading at $95.54 a barrel, 08:40 GMT this morning in electronic trading on the NYMEX. The contract settlement sank $2.84, or 2.9 percent, to $95.40 a barrel on the NYMEX on Thursday.
Stronger US Dollar
The US Dollar Index, which tracks the greenback against six major world currencies has sprung back into life and is now trading back over 82. A stronger dollar drives commodities including crude oil and gold lower. The US dollar is seeing strength after the US Fed announced on Wednesday that it may pull the plug on it’s QE program later this year.
The announcement has seen major currencies fall against the surging US dollar in offshore trade overnight, along with US stocks which have dropped more than two percent, whilst US crude oil fell nearly four percent at one point in trading on Thursday.
Oil Supply Data
The US EIA (Energy Information Administration) reported that US crude oil supplies once again rose by 300,000 barrels for the week ended June 14, to 394.1 million barrels. A Platts survey of analysts forecast a 1 million barrel decline. The US is the world’s biggest oil consuming country, responsible for almost 22 percent of global oil demand.
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US WTI oil back near $95 as strong dollar helps cap crude prices
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