WTI crude oil futures open Wednesday’s trading session flat near $98 a barrel as it seems the market is awaiting firm direction as investors watch to see what is happening with the US dollar.
Latest WTI Oil Price
US Light crude oil futures for June 2011 delivery was trading at $97.71 a barrel, 08.10 GMT this morning in electronic trading on the NYMEX. Yesterday, the oil contract slipped 46 cents to end at a 12 week low settlement of $96.91 a barrel.
US Oil Inventories
US crude oil stocks rose 2.7 million barrels in the last week according to the US API, whilst a recent survey of analysts had forecast that US crude inventories would be up for the fourth straight week, but only by 1 million barrels.
US Dollar Index
The ICE US Dollar Index, which tracks the US dollar against six major world currencies was holding firm at 75.35 in currency markets this morning.
A stronger US dollar can pressure dollar denominated oil prices by raising the price for consumers using other currencies and pulling investment from commodities to less risky markets.