WTI oil prices firm at $76 as US dollar slides lower

WTI oil prices are trading firm around $76 as the US dollar slides lower and markets reversed earlier gains as the US Home Builder confidence index dropped to the lowest level since April 2009. US Light crude oil futures for September 2010 delivery was at $76.39 a barrel at 17.00 GMT on the NYMEX. “September crude oil is where all the volume is today. People want to buy into crude, they want to be long.” said Carl Larry, president of Oil Outlooks and Opinions in Houston. “Investors are following broader signals to get a handle on the future demand outlook,” said Chris Barber, a senior analyst at Energy Security Analysis in Wakefield, Massachusetts. The ICE Dollar index, which tracks the US dollar against a trade weighted basket of currencies, was at 82.452 from 82.535. Concerns over the US economy have dominated currency markets recently with a string of disappointing US data sent the US dollar to a seven month low against the yen. A weaker US dollar tends to send oil prices higher, however with many other factors at play this week, it’s a little difficult to predict the short term future direction for oil prices. Brent oil prices trading near $75, Euro markets turn lower WTI oil trading near $76 as US stock market opens lower WTI oil price heading towards $74, US data a concern WTI oil price ends week over $76, tracks stock markets WTI oil trading over $73 as stock markets lift oil prices WTI oil trading down 3 percent, near $73 on grim US data WTI oil price trading above $78, eyes on Dollar Index 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 WTI oil prices see saw as mixed US data spooks the market Brent oil trading up 3 percent near $77, markets see boost Brent oil price trading near $74, European markets mixed WTI oil price heads back under $72 on latest US data WTI oil price trading near $73, time to get long on oil? Oil prices end week’s trading session down eight percent Brent oil trading under $75 as Europe markets head lower WTI oil prices trading higher, eyes on Gulf hurricane Alex Oil prices in upward storm as nature whips the Gulf again Oil prices skid below $78 as Dollar Index trades higher

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WTI oil prices firm at $76 as US dollar slides lower