WTI oil price trading near $89 on stronger US dollar

7 January 2011 7 January 2011

BonTrade

WTI oil futures open today’s trading session near $89 a barrel as a stronger US dollar knocks oil prices lower, with US Light crude oil futures loosing $1.92 to settle at $88.38 yesterday.

Latest WTI Oil Price

US Light crude oil futures for February 2011 delivery was trading at $88.64, 05.45 GMT this morning on the NYMEX.

Meanwhile, the US dollar is higher on currency markets, mainly due to continued Eurozone debt fears.

US Dollar and US Jobs Data

Some of the experts in the market are warning that the gains in the US dollar could be fragile, especially as the US employment report due out on Friday which provides a better picture of the actual economic conditions.

Oil Prices Still Riding 2010 Highs

The price of WTI oil has recently been trading in conjunction with sentiment about the pace of the US economic recovery.

Until yesterday’s retreat, NYMEX WTI oil prices were up about 7 percent since the start of December on the view that the US economy was on the mend following a choppy 2010.