Oil prices flat in light trading, awaits latest US GDP data
Oil prices are little changed in a very light trading session so far today as investors are awaiting the latest US GDP data which may point the way forward.
In London, Brent crude oil futures for September 2010 delivery was at $77.08, 11.45 GMT on the ICE Futures Exchange, while US Light crude oil futures were at $77.79, both contracts are lower than at open.
Oil traders are awaiting the release of second quarter US GDP data for a further indication of the health of the US economy.
“A US GDP report within expectations will likely fail to move the market, while only growth above 3% can be strong evidence of a recovery and push oil prices above $80 a barrel.” said Ken Hasegawa, analyst at Newedge Japan.
“Watch today’s numbers and also watch out for the annual revisions that are released. It could change a lot of perceptions about the shape of the recession and subsequent recovery.” said Jim Reid at Deutsche Bank.
Markets, oil prices and commodities in general are trading lower on current fears that the US will prove to be growing below economists latest projections.
- WTI oil trading down 3 percent, near $73 on grim US data
- Oil prices trading firm on US data, homing in on $90 barrel
- Brent oil price trading up on latest positive US GDP data
- Oil prices hanging onto trading gains as US markets slide
- Oil prices see slow trading day amid uncertain markets
- Brent oil trading near $76, prices lower on grim US data
- WTI oil price trading back near $77 on US supply jump
- Oil prices trading flat on lower dollar, awaits US markets
- Brent oil trading back near $75 on US Bernanke comments
- WTI oil trading through $77 & breaks from stock markets
- Brent oil prices trading near $75, Euro markets turn lower
- WTI oil trading near $76 as US stock market opens lower
- WTI oil prices see saw as mixed US data spooks the market
- Brent oil trading near $76 as BP receives seven year US ban
- Brent oil trading up 3 percent near $77, markets see boost
- WTI oil price heading towards $74, US data a concern
- WTI oil price ends week over $76, tracks stock markets
- WTI oil price near $75 on Dow Jones, US oil supply drop
- Brent oil price trading near $74 on optimistic US data
- WTI oil price heads back under $72 on latest US data
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Oil prices flat in light trading, awaits latest US GDP data
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