{"id":12808,"date":"2010-12-20T08:30:52","date_gmt":"2010-12-20T07:30:52","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12808\/wti-oil-trading-near-89-us-dollar-index-also-higher\/"},"modified":"2010-12-20T08:30:52","modified_gmt":"2010-12-20T07:30:52","slug":"wti-oil-trading-near-89-us-dollar-index-also-higher","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12808\/wti-oil-trading-near-89-us-dollar-index-also-higher\/","title":{"rendered":"WTI oil trading near $89, US Dollar Index also higher"},"content":{"rendered":"

WTI oil futures open Monday’s trading session firm and closing back in on the $89 mark amid a stronger US Dollar Index, which is higher mainly on continuing European debt concerns.<\/p>\n

Latest WTI Oil Price<\/strong><\/p>\n

US Light crude oil futures for February 2011 delivery was trading at $88.65 a barrel, 07.20 GMT this morning on the NYMEX.<\/p>\n

Meanwhile, the US Dollar Index, which tracks the dollar against six major world currencies, climbed for a second day on speculation an agreement reached at a European Union summit last week won\u2019t stem the contagion.<\/p>\n

A higher US dollar normally weighs on WTI and Brent oil prices, however other factors are starting to draw more attention for investors and traders alike.<\/p>\n

“There is concern the European debt crisis won\u2019t be contained anytime soon, supporting the US dollar across the board and making it hard to take riskier positions” said Hideki Hayashi, a global economist at Mizuho Securities, Tokyo.<\/p>\n

Bad Weather Lifts Oil Prices Further<\/strong><\/p>\n

Oil prices will be seeing support this week as forecasts for more bad weather in Europe and the US Northeast looked to boost heating fuel demand.<\/p>\n

“Oil prices are going back up because of the really bad weather in the United States and Europe.” said Tony Nunan, a risk manager with Tokyo-based Mitsubishi Corp.<\/p>\n

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