WTI oil trading through $77 & breaks from stock markets

WTI oil prices are trading up and back through $77 in a busy buying session as oil prices seem to be breaking away from following world and US stock market patterns.

US Light crude oil futures was trading at $77.50, 17.30 GMT on the NYMEX.

“We’re seeing some short covering ahead of the numbers,” said Jim Ritterbusch, president of Ritterbusch & Associates, a Galena, Illinois, consultant. “The oil market is starting to show some independence and not following stocks like before.”

Many European stock markets finished trading lower today and the US Dow Jones is also loosing out as US stocks slid lower than estimated, as sales at IBM and Texas Instruments damped optimism about the US earnings season.

Meanwhile, a US government moratorium on deepwater drilling in the Gulf of Mexico could mean WTI oil prices will start to rise soon.

“The market is thus growing concerned regarding the future availability of oil and that is clearly bullish,” Steven Schork said in a note to investors.

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WTI oil trading through $77 & breaks from stock markets