{"id":13008,"date":"2011-01-08T10:11:04","date_gmt":"2011-01-08T09:11:04","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13008\/wti-oil-price-trading-back-at-88-us-dollar-makes-gains\/"},"modified":"2011-01-08T10:11:04","modified_gmt":"2011-01-08T09:11:04","slug":"wti-oil-price-trading-back-at-88-us-dollar-makes-gains","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13008\/wti-oil-price-trading-back-at-88-us-dollar-makes-gains\/","title":{"rendered":"WTI oil price trading back at $88, US dollar makes gains"},"content":{"rendered":"

WTI oil prices end Friday’s session at $88 a barrel as the first week’s trading of 2011 sees the US dollar make gains, capping the appeal of oil futures and other commodities as alternative investments.<\/p>\n

WTI Oil Futures \u2013 Closing Price<\/strong><\/p>\n

US Light crude oil futures for February 2011 delivery ended the week at $88.03 a barrel on the NYMEX, over $3 a barrel lower than last week’s closing price of $91.38.<\/p>\n

Meanwhile, the US dollar index gained nearly 3 percent this week (as seen by movements higher on the ICE Dollar Index).<\/p>\n

Interestingly, Brent oil futures did not suffer the same correction lower.<\/p>\n

Short Term Oil Price Direction Mixed<\/strong><\/p>\n

WTI oil prices have fallen from a 27 month high of $92.58 hit on Monday and are down for a second week in a row. A year ago, front month crude settled at $82.66.<\/p>\n

Short term price forecasts for oil will remain uncertain and heavily dependent on the US dollar for any clear direction higher, or lower.<\/p>\n

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