|
WTI oil futures end week firm over $100 on weaker US dollar
Published on May 28, 2011 by oilprices · No CommentsWTI oil futures end a more stable trading week firm over $100 a barrel, mainly on a weaker US dollar and US oil prices could possibly move higher again, according to some analysts.
WTI Oil Futures – Closing Price
US Light crude oil futures for July 2011 delivery ended the week’s trading session at $100.70 a barrel on the NYMEX, $0.88 higher than last week’s closing price of $99.82.
Meanwhile, the ICE US Dollar Index, which tracks the US dollar against six major world currencies, fell to 74.911 in trading on Friday, from 75.598.
Friday’s bullish comments about Greece was one of the main driving factors that weakened the US dollar, resulting in some new strength in oil prices.
A Shot at $106
“If oil holds at current levels, $99 to $100, it has a shot at the $104 to $106 level in the next two weeks.” said John McLane, president of Mobius Asset Management.
Tags: dollar, futures, oil, oil futures, oil prices, prices, trading, US dollar, WTI