{"id":13685,"date":"2011-04-09T07:33:39","date_gmt":"2011-04-09T05:33:39","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13685\/wti-oil-futures-close-week-near-113-us-dollar-index-falls\/"},"modified":"2011-04-09T07:33:39","modified_gmt":"2011-04-09T05:33:39","slug":"wti-oil-futures-close-week-near-113-us-dollar-index-falls","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13685\/wti-oil-futures-close-week-near-113-us-dollar-index-falls\/","title":{"rendered":"WTI oil futures close week near $113, US Dollar Index falls"},"content":{"rendered":"

WTI oil futures end a bullish week near $113 a barrel and oil prices saw a boost off the back of a falling US dollar, as seen by a big drop on the ICE US Dollar Index, which tracks the dollar against other major world currencies.<\/p>\n

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

US Light crude oil futures for May 2011 delivery ended the week\u2019s trading session at $112.79 a barrel on the NYMEX, $4.63 a barrel higher than last week\u2019s closing price of $108.16.<\/p>\n

ICE Dollar Index Under 75<\/strong><\/p>\n

The ICE US Dollar Index, which tracks the US dollar against six major world currencies was down 0.95 percent to 74.86, its lowest level since November 2009.<\/p>\n

“The dollar’s been on decline pretty precipitously for the past several months. They’re in a tightening mode and we’re not, and we’re not going to be for a while.” said John Kilduff, founding partner of hedge fund Again Capital, New York.<\/p>\n

“The US budget impasse and the European Central Bank’s rate hike have meant the dollar dropping to the lowest level since 2009. This is undoubtedly a very important ingredient for the rally we have seen.” said a senior manager at Saxo Bank.<\/p>\n

A weaker US dollar tends to lift commodities, including oil prices higher as they become less expensive to buy for investors using foreign currencies.<\/p>\n

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