WTI oil prices opened Friday’s session trading over $87 a barrel and WTI oil once again nears 2010 highs reached in May as the US dollar sold off on Thursday on this week’s US Federal Reserve dollar printing plans.

US Light crude oil futures for December 2010 delivery was trading at $87.04 a barrel, 07.45 GMT this morning on the NYMEX.

Later today oil traders will continue to search for clues about short term oil prices when the US Labor Department releases the October US unemployment figures. Economists project the US jobless rate stayed at 9.6% last month for the third straight month, however we will have to wait and see. An initial report out yesterday showed US unemployment claims jumped 20,000 to 457,000.

Stock Markets, the Dollar Index and Oil Prices

“Oil is on two very short leashes. You’ve got the stock market holding one of the leashes and the Dollar Index holding the other leash. Today, both leashes are dragging oil prices higher.” said Walter Zimmerman, chief technical analyst with United ICAP.