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Saturday, April 30, 2011

WTI crude oil Futures Closing Price for April 30, 2011, at $114 on weaker US dollar

WTI crude oil Futures Closing Price for April 30, 2011, at $114 on weaker US dollar : WTI crude oil futures ended the last trading day of April with an eighth consecutive month of gains, the longest run of monthly increases since 1983 mainly on a weaker US dollar, which tends to lead to higher oil prices.

WTI Oil Futures – Closing Price

US Light crude oil futures for June 2011 delivery ended the week’s trading session at $113.93 a barrel on the NYMEX, $1.64 a barrel higher than last week’s closing price of $112.29.

US Dollar in Nosedive

The US dollar hit a 3 year low against a basket of currencies on Friday and is expected to nosedive lower for the a sixth straight week in the coming sessions on expectations the US Fed will keep American interest rates low while the European Central bank raises them.

Higher interest rates in Europe have undermined support for the US dollar, boosting the euro by 11 percent so far this year.

The ICE US Dollar Index, which tracks the US dollar against six major world currencies hit a 3 year low of 72.834 in foreign exchange trading on Friday and has now fallen for five straight months.

“It’s pretty close to a one-way bet (on the US dollar), but in foreign exchange markets, anything can happen. US monetary policy is reflationary policy which is great news for the commodity currencies and frames the weak dollar.” said Chris Turner at ING Commercial Banking in London.

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