WTI oil trading back over $109 on a weaker US dollar

WTI oil prices open Wednesday’s trading session back over $109 a barrel as a weaker US dollar, which is down over five percent in 2011, is helping support oil and other commodities, with gold making a fresh record high of $1500 an ounce.

Latest WTI Oil Price

US Light Crude oil futures for June 2011 delivery was trading at $109.17 a barrel, 06.25 GMT this morning in electronic trading on the NYMEX.

ICE US Dollar Index

The ICE US Dollar Index, which tracks the US dollar against six major world currencies ended yesterday’s trading session back under 75, at 74.88. A weaker dollar tends to push US dollar traded commodities higher as they become cheaper for buyers using other currencies.

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WTI oil trading back over $109 on a weaker US dollar