WTI oil prices open Monday’s trading session lower, nearer $98 a barrel as investors are concerned that a European pact on closer fiscal union might not be enough to contain the region’s debt crisis, which also is pushing the US dollar higher on currency markets. Latest WTI Oil Price US Light crude oil futures for January 2012 delivery was trading at $98.66 a barrel, 08.40 GMT this morning in electronic trading on the NYMEX. European Deal Europe secured agreement on Friday to draft a new treaty for deeper economic integration but it could take three months to negotiate and may require referendums in countries such as Ireland. “Markets are analysing, scratching beneath the surface to see what the outcome means. It’s probably not a lot, not a silver bullet, but a step in the right direction.� said Ben Le Brun, a market analyst at OptionsXpress, referring to the European deal. Meanwhile, the US Dollar Index, which tracks the dollar against six major world currencies was higher, at 79.085 from Friday’s close of 78.681. The US dollar has gained 0.55 percent against the euro in currency trading this morning, with one euro buying $1.33130 dollars. A higher US dollar tends to cap oil price gains as oil is priced in the US currency.

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