WTI oil price under $74 posting a 4 day loosing streak

WTI oil futures close the week’s trading session under the $74 mark which is a straight 4 day loosing streak as more gloomy news comes out of the US.

US Light crude oil futures for October 2010 delivery closed at $73.65 a barrel yesterday evening on the NYMEX, which is a dollar lower than last week’s $74.60 closing price.

The October contract for WTI oil futures expires next Tuesday.

US consumer sentiment unexpectedly worsened to its weakest level since August 2009, as distress over jobs and finances intensified among upper income families.

The US consumer sentiment report came out and the US dollar strengthened. A stronger US dollar can pressure oil prices because it makes dollar denominated oil more expensive for buyers using other currencies and cause investors to move money from commodities to foreign exchange markets, chasing better returns.

The ICE Dollar Index, which tracks the performance of the US dollar against a basket of six major currencies, rose to 81.332 from 81.239 in late trading yesterday.