Oil prices rebound back above $82 on Fed, US dollar

Oil prices rebounded higher in trading on Tuesday, moving toward $82 a barrel, as commodity traders anticipated that the US Federal Reserve will keep interest rates unchanged, while the US dollar weakened. Light crude oil futures for April delivery recently traded $2.02, or 2.5%, higher at $81.82 a barrel on the NYMEX, while in London, Brent crude oil futures on the ICE futures exchange traded 2.3% higher at $79.64 a barrel. Oil is taking part of its upward cue from a weaker US dollar, which has fallen against the euro, but some of the upward momentum in oil prices is also due to traders covering short positions, or previously sold contracts, following oil’s 1.8% drop to a two week low yesterday. “We’ve gone back to that trade of oil being up on a weaker dollar and stronger equities,” noted Andy Lebow, vice president of energy with MF Global in New York. “Maybe traders are anticipating better economic data as the week goes on,” he added. Tomorrow OPEC members meet in Vienna but the group is likely to keep crude output quotas unchanged with oil prices of around $80 a barrel seen as an acceptable level by the group. Crude oil prices trading lower on stronger US dollar Crude oil prices trading under $81 eyes on Fed, US dollar Oil prices trading steady amid a weaker US dollar Light oil prices end the week well above $80 trading range Oil prices trading near 2010 highs on latest US jobs data Oil prices trading steady around $80, stronger US dollar Oil prices trading around $80 on latest US inventory data Oil prices trading steady, awaits US crude inventory data Brent oil price hovers under $77 on higher dollar, markets Oil prices trading steady as US dollar makes gains Oil prices trading back over $80 mark on higher markets Brent oil price trading up on latest positive US GDP data Oil prices trading down two percent on latest US jobs data Crude oil prices trading steady on US oil stocks data Oil prices trading down two percent on stronger US dollar Light oil trading up on heavy buying ahead of EIA report Oil prices trading steady on higher dollar, awaits EIA data Oil prices trading higher, maybe closing in on $80 mark Light oil prices trading around $74, eyes on US Dollar Brent oil trading higher on US inventories data, dollar

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Oil prices rebound back above $82 on Fed, US dollar