WTI oil futures open Wednesday’s trading session back at $103 a barrel as oil prices once again receive a lift higher, mainly on a weaker US dollar, as seen by movements in the ICE US Dollar Index.
Latest WTI Oil Price
US Light crude oil futures for July 2011 delivery was trading at $103.03, 07.10 GMT this morning in electronic trading on the NYMEX.
Meanwhile, the ICE US Dollar Index, which tracks the US dollar against six major world currencies was at 74.48, slightly lower than yesterday’s closing rate of 74.696.
July WTI crude oil futures rose $2.11, or 2.1 percent yesterday, to $102.70 a barrel. It traded from $99.60 to $103.39, the highest price since reaching $104.60 intraday on 11th May.
US Data Weighs on Dollar
“A weak employment report on the payrolls front will escalate concerns about the US economic outlook and could cause the US dollar to remain under pressure. The payrolls numbers on Friday will be quite crucial and today’s ADP report will give us a clue to that.” said Besa Deda, chief economist at St. George Bank, Sydney.