Oil prices trading higher on Monday amid weaker US dollar

Crude oil prices rose in early trading on Monday, recouping some of the previous session’s losses, supported by a weaker US dollar, while positive Asian economic data also helped to brighten the global economic outlook. US Light crude oil futures for May delivery rose 44 cents to $80.44 a barrel by 0233 GMT on the NYMEX, while in London, Brent crude oil futures gained 41 cents to $79.70 on the ICE Futures Exchange. “Oil prices are mostly getting a lift from the weaker dollar. We’ve also seen a fairly upbeat macro sentiment across the market in recent weeks that is lending support to oil,” said Toby Hassall, an analyst at CWA Global Markets Pty Ltd in Sydney. The US Dollar Index was down 0.12 percent at 81.57 against a basket of currencies, however this range is thought to be higher than normal, with some analysts expecting the US dollar to weaken later in 2010. “Overall, US oil demand is definitely improving, laying the foundations for a broad-based recovery … notwithstanding the weakness in Europe,” Barclays Capital said in a report. “Thus, we continue to see oil prices consolidating in its current $75 to $85 range and on course to gradually move higher to $80 to $90.” “The fact that oil still benefits from a weaker dollar, but does not react so much to the stronger dollar, is a sign of bullish sentiment,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “Imports by Asian refiners are still strong but we expect seasonally weaker demand to lower prices in the second quarter.” Oil prices will jump almost 20 per cent this year, driven by demand from China and emerging markets, according to UniCredit SpA. Prices may rise to $95 a barrel in the fourth quarter and $115 by the end of 2011 from $81 today, said Jochen Hitzfeld, an analyst at UniCredit in Munich. Oil prices trading down two percent on stronger US dollar Crude oil prices trading lower on stronger US dollar Oil prices trading steady around $80, stronger US dollar Oil prices trading down two percent on stronger US dollar Oil prices trading range at $80 mark on US Dollar Index Oil prices trading lower as US dollar makes gains Oil prices trading steady, eyes on US dollar index Crude oil prices trading under $81 eyes on Fed, US dollar Light oil prices end the week well above $80 trading range Oil prices trading near 2010 highs on latest US jobs data Light oil prices trading around $74, eyes on US Dollar Oil prices & commodities trading higher, US dollar slides Oil prices trading higher amid stronger US Dollar, Europe Crude oil prices trading higher, eyes on US Dollar Index Oil prices trading lower after loosing two percent Monday Crude oil prices gain as traders eye global stock markets Brent oil trading below $80, US dollar holding down prices Oil prices above $82 as traders look to US supplies, OPEC Oil prices targeting $85 mark as OPEC meets, dollar falls Oil prices trading steady, awaits US crude inventory data

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Oil prices trading higher on Monday amid weaker US dollar