WTI oil price trading back near $75, US dollar makes gains

WTI oil prices lost some ground in afternoon trading today, hovering near $75 as the US Dow Jones opened mixed and the US dollar made gains against other currencies.

US Light crude oil futures for August 2010 delivery was at $75.15 a barrel 18.00 GMT on the NYMEX.

The dollar firmed broadly as caution returned ahead of a busy US calendar as corporate earnings season gets under way this week.

The ICE Dollar index, which tracks the US dollar against a trade weighted basket of currencies, was up at 84.324 from 83.914.

Oil and other commodities are priced in US dollars, hence a stronger dollar makes them more expensive for foreign buyers of crude oil futures.

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WTI oil price trading back near $75, US dollar makes gains