WTI oil price holds near $97, US dollar gains against a weaker euro

WTI oil futures end the week’s trading session at $97 a barrel as oil prices remain under pressure from a stronger US dollar which has been making more gains against the euro off the back of the euro zone debt crisis.

WTI Oil Futures – Closing Price

US Light crude oil futures for January 2012 delivery ended the week’s trading session at $97.29 a barrel on the NYMEX, trading 0.2 percent higher at close yesterday.

US WTI oil futures finished last week’s session (Friday 19th November) at $97.41 a barrel.

Euro, Dollar and Oil Prices

The euro declined 0.8 percent to $1.324 against the US dollar on Friday, and the dollar gained 0.6 percent against a basket of other currencies on the ICE US Dollar Index.

A rising dollar tends to drive oil prices lower, as dollar denominated commodity becomes more expensive for traders using other currencies.

With continued euro turmoil expected in the weeks ahead one analyst said euro worries could dominate the oil market for the foreseeable future.

“We look for the euro zone to be the primary driver of oil pricing through the balance of this month and well into next.” Ritterbusch and Associates said in a note.

Europe’s debt crisis is worsening.

The US trading session was shorter than usual on Friday, with trading on the New York Stock Exchange closing at 1pm. Eastern time. Also, WTI oil trading volumes dropped to the lowest in the year as most traders were away for Thanksgiving holiday.

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WTI oil price holds near $97, US dollar gains against a weaker euro