Oil prices unchanged amid global recovery concerns

11 March 2010 11 March 2010

BonTrade

ICE and NYMEX crude oil prices are trading steady on Thursday amid growing questions and economic concerns over the 2010 global recovery.

Crude oil futures have traded between $69 and $84 in the first quarter of 2010, but crude oil futures have been very volatile within that range as evidence of a rebound in world economic activity clashed against oversupplied crude markets.

US Light crude oil futures for April delivery fell 52 cents to $81.57 a barrel by 0700 GMT on the NYMEX, after touching $83.03 in trading on Wednesday, while in London ICE Brent oil futures fell 48 cents to $80.00 a barrel on the ICE Futures Exchange.

“It’s been range bound volatile market, and if you get to trade on that, it’s a great way to pick up some money from moves of $3 or $4″ said Peter McGuire, managing director of Commodity Warrants Australia in Sydney. “Given that the US dollar is appreciating, they are relatively content with what they are receiving for their oil” he added.

Meanwhile, China’s imports of crude oil in February rose to their second highest on record on a daily basis.