Brent oil price trading firm over $76 on latest US data

3 September 2010 3 September 2010

BonTrade

Brent oil prices open Friday’s trading session firm over the $76 mark after the latest data out of the US put a positive spin on US jobs, manufacturing and home sales.

In London, Brent crude oil futures for October 2010 delivery was at $76.50, 06.00 GMT on the ICE Futures Exchange after closing near the $77 a barrel mark late on Thursday.

Mixed Data Coming out of the US

The US Labor Department said that first time claims for unemployment benefits fell slightly last week, but are still above levels in a healthy economy.

The US National Association of Realtors said the number of Americans who signed contracts to purchase previously owned homes rose 5.2 percent in July, 19 percent below the same month in 2009 and US home sales remain at the lowest level in more than ten years

One brighter spot: Factory orders rose 0.1 percent in July, indicating some industrial growth.

Economists said that the rebound pushed Brent oil prices back to the range between $70 and $80 a barrel, which has been crude oil’s 2010 comfort zone.