WTI crude oil futures open Tuesday’s trading session near $101 a barrel and oil prices may see big swings higher or lower in the short term as the oil market becomes increasingly uncertain.
Latest WTI Oil Price
US Light crude oil futures for June 2011 delivery was trading at $100.91 a barrel, 08.10 GMT this morning on the NYMEX, after closing yesterday’s session at $102.55.
Oil Prices Somewhere Between $92 and $115?
Some analysts expect oil prices to continue gaining due to renewed strength in stock markets, continued strong Chinese demand and OPEC output restraint. Ritterbusch and Associates said dramatic oil price swings are likely to continue this month, pegging it at a low of $92 and fresh high above $115 a barrel.
Focus on US oil inventories will once again come into play later today and tomorrow as the US API and EIA release their weekly US oil inventory reports. Oil prices are also under pressure from a stronger US dollar, as seen by movements in the ICE US Dollar Index.
The ICE Dollar Index, which tracks the US dollar against six major world currencies has risen above the 75 mark earlier today, and is currently trading at 74.99. A stronger dollar makes oil prices weaken as oil futures become more expensive for buyers using other currencies.
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WTI crude oil trading near $101, big price swings possible
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