WTI oil price nears the $76 mark, awaits US jobs data

WTI oil prices are trading higher on Thursday near the $76 mark as many investors stay on the sidelines ahead of the release of the latest US initial jobless claims data.

US Light crude oil futures for September 2010 delivery was trading at $75.85 a barrel, 08.00 GMT on the NYMEX.

The latest US jobs figures are expected to show a modest fall in claims to 478,000, but this may not be enough to reverse negative sentiment on the jobs outlook.

WTI oil prices have this week shown signs of stabilising above the $75 mark, which is a level that most traders and analysts believe is representative of the current fundamental balance.

However, a steady market is discouraging investors from actively trading oil, leaving oil prices under the influence of currency and stock market moves.

Crude oil futures are currently at the mid point of 2010’s $64.24 to $87.15 trading range.