LP:WTI crude oil price weakens as US dollar rebounds higher
WTI crude oil futures open Monday’s trading session weaker, under $93 a barrel as the US dollar rebounded higher against most major currencies, sending commodity prices lower as persisting uncertainties about the latest Euro bailout plan puts pressure on markets.
Latest WTI Oil Price
US Light crude oil futures for December 2011 delivery was trading at $92.91 a barrel, 08.00 GMT this morning in electronic trading on the NYMEX.
US Dollar Index
The ICE US Dollar Index, which track the US dollar against six major world currencies was at 76.055 today, up nearly one percent from Friday’s close. A stronger US dollar weighs on oil prices and other commodities.
“The dollar is stronger against the euro, that is pushing down the commodity markets.” said Masaki Suematsu, a broker at brokerage Newedge, Tokyo.
