WTI oil futures end another volatile trading week back near the $100 a barrel mark and it seems that oil prices are once again tracking US dollar movements on currency markets.
WTI Oil Futures – Closing Price
US Light crude oil futures for July 2011 delivery ended the week’s trading session at $99.82 a barrel on the NYMEX, just $0.17 higher than last week’s closing price of $98.65.
Meanwhile, the ICE US Dollar Index, which tracks the US dollar against six major world currencies, recently rose 0.7 percent to 75.626, capping oil price gains.
OPEC Meeting and Iran’s Ahmadinejad
Oil traders are now focusing on next month’s meeting of OPEC, which could be chaired by Mahmoud Ahmadinejad. The Iranian president has just sacked his oil minister Masoud Mir-Kazemi and named himself acting oil minister, giving him the chance to preside over the 8th June meeting in Vienna, Austria.
IEA Oil Output Increase Call
Earlier this week, the IEA urged major producers to raise oil output to address the shortage of supplies in the market and concerns about the impact of the unrest in the Middle East and North Africa region on oil production and shipments.
EIA said in its oil market report, elevated crude oil prices could cripple the ongoing global economic recovery.