WTI oil trading near $91, mainly on stronger US dollar

WTI oil futures open Monday’s trading session lower, near $91 a barrel as a stronger US dollar helped push oil prices lower, mainly on Greece’s deepening financial crisis, which is undermining confidence in the euro.

Latest WTI Oil Price

US Light crude oil futures for July 2011 delivery was trading at $91.63 a barrel, 07.20 GMT this morning in electronic trading on the NYMEX. The July WTI contract expires today.

Euro Crisis Looming?

Talks between eurozone finance chiefs on Greece’s troubled finances ended early this morning without ministers signing off on a vital installment of rescue loans needed to avoid bankruptcy next month.

The latest developments surrounding Greece could well push the euro lower in currency markets, which will also see the US dollar make gains, affecting oil prices and other commodities.

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WTI oil trading near $91, mainly on stronger US dollar