WTI oil price trading firm at $82 ahead of US jobs data
BonTradeWTI oil prices open Friday’s trading session over $82 a barrel as markets await the latest US jobs data which could send oil futures higher.
US Light crude oil futures for September 2010 delivery was trading at $82.44 a barrel, 07.45 GMT on the NYMEX.
“Oil prices are still in position to advance if we get strong moves higher in the euro or in equities as a result of a bullish employment report,” Cameron Hanover said in a report.
Analysts expect the US Labor Department to say private employers hired 90,000 workers in July, a slight increase from the 83,000 hired in June 2010.
Earlier this week oil traders cheered as crude prices finally broke through the stubborn $80 price level late on Monday. “$80 was a strong resistance level…. The way we broke through 80, it seems market sentiment is a bit bullish,” said Clarence Chu, an oil trader with Hudson Capital Energy in Singapore.
For oil prices, breaking out above $80 per barrel sets the stage for a more prolonged spell above the $80 mark.
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WTI oil price trading firm at $82 ahead of US jobs data
