WTI oil trading down 3 percent, near $73 on grim US data

WTI oil prices are trading over three percent lower in Thursday’s afternoon session, close to the $73 mark as the latest US unemployment and house sales data look grimmer than initially thought. On the NYMEX, WTI Light crude oil futures for August 2010 delivery was down to $73.48 at 15.00 GMT after holding out near the $74 to $75 mark for most of the morning. Initial claims for US state unemployment benefits increased 13,000 to a seasonally adjusted 472,000, the US Labor Department said on today. Meanwhile the US data just seems to get worse as the number of buyers who signed contracts to purchase US homes dropped in May 2010 to the lowest level on record, a sign the US housing recovery cannot survive without US government incentives. New sales contracts on existing homes fell 16% in May 2010 from a year ago after a federal subsidy for buyers expired at the end of April 2010, the US National Association of Realtors reported. “Nothing we have seen this week would tell us definitively that a double dip is not in the cards,” energy-advisory firm Cameron Hanover said in a research note. “And that fear has pressed equities and oil prices lower.” WTI oil price trading higher on US dollar & supply data WTI oil price trading up near $72 on latest US data Oil prices start the week trading higher on US data Euro in Greek tailspin, US dollar firms & oil prices holding out Light oil price trading up as US dollar takes a knock Oil prices trading near 2010 highs on latest US jobs data WTI oil price lower, Hurricane Alex to miss Gulf oil platforms WTI oil prices trading higher, eyes on Gulf hurricane Alex Oil prices in upward storm as nature whips the Gulf again WTI oil price trading above $78, eyes on Dollar Index WTI oil price jumps higher in a mixed trading week Brent oil trading once again close to the $80 mark WTI oil trading firm amid higher US crude oil supply Brent oil price trading above $72, looks to US crude data Crude oil prices fall four percent on gloomy US jobs data WTI oil price trading higher, over $73 on US supplies data Oil prices open trading around $72 mark, US dollar gains Brent oil price sinks under $72 as the Euro looses ground Oil prices trading back near $75 amid ongoing Euro concerns WTI oil price skids under $70 as US dollar firms up

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WTI oil trading down 3 percent, near $73 on grim US data