WTI oil prices trading higher, eyes on Gulf hurricane Alex

WTI oil prices opened the week’s trading higher as tropical storm Alex is expected to regain strength in the coming days as it moves over warmer waters in the Gulf and possibly become a hurricane. US WTI Light crude oil futures for August delivery was at $78.80 a barrel midday Singapore on the NYMEX. “The lack of follow through from the bulls or the bears is understandable, hurricane activity in the Gulf Coast remains unknown,” energy consultant The Schork Group said in a report. ”Crude prices will remain variable,” said David Moore, a commodity strategist at Commonwealth Bank in Sydney. ”At the moment, the crude market is not particularly tight although inventories remain relatively high. Markets are watching developments with the tropical depression Alex.” ”The concern over the tropical storm heading toward the Gulf of Mexico was a positive for crude,” said John Caiazzo, president of Acuvest Commodity Brokers in Temecula, California, in an e-mailed note. ”We suggest the sidelines until after the effects of any storm activity can be assessed.” WTI oil price ends week trading near $79, two month high Storm Alex may become hurricane & eye Gulf oil production Oil prices in upward storm as nature whips the Gulf again WTI oil price trading higher as Gulf cyclone Alex heads in WTI oil price trading above $78, eyes on Dollar Index WTI oil price jumps higher in a mixed trading week WTI oil price trading higher on US dollar & supply data Euro in Greek tailspin, US dollar firms & oil prices holding out Light oil price trading up as US dollar takes a knock Brent oil price hovers at $76 as Europe crisis bites deeper Oil prices under $76 as US oil stocks higher, Gulf ban lifted Brent oil price trading lower, is double dip on it’s way? Oil prices skid below $78 as Dollar Index trades higher Brent oil prices trading near $80 as stock markets jump Oil prices trading up 2 percent on China Yuan decision Crude oil prices close trading higher for 2nd week running Gulf oil spill puts upward momentum on crude oil prices Brent oil beats WTI as better guide of world oil prices Crude oil prices trading steady in $77 to $80 range Oil prices trading higher helped by Asian stock markets

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WTI oil prices trading higher, eyes on Gulf hurricane Alex