WTI oil futures end week at 4 month high near $99 a barrel

WTI oil futures end the week near $99 a barrel which is a 4 month high as traders cheered positive sentiment data out of America and the US dollar was trading lower which typically fuels commodity prices to rise.

WTI Oil Futures – Closing Price

US Light crude oil futures for December 2011 delivery ended the week’s trading session at $98.99 a barrel on the NYMEX, trading 1.1 percent higher at close yesterday.

US WTI oil futures finished last week’s session (Friday 5th November) at $94.45 a barrel.

Oil Prices – Triple Digits

The recent gains for US light crude was the highest finish for a most active oil contract since 26th July, when WTI oil closed at $99.59 a barrel.

“We are headed to triple digits next week, but not much above $100 a barrel. Oil prices did well thanks along with other assets on higher appetite for investments considered riskier. We also got a lift from consumer sentiment.” said Jim Ritterbusch, with Ritterbusch and Associates.

Further aiding oil prices, the US Dollar Index which compares dollar to six major world currencies was lower Friday, trading at 76.949 compared to 77.660 on Thursday in late US trading.

A weaker US dollar is positive for commodities and oil prices because it lowers the cost for buyers using other currencies.

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WTI oil futures end week at 4 month high near $99 a barrel