WTI oil price trading over $75 on weaker US dollar

22 September 2010 22 September 2010

BonTrade

WTI oil prices are trading over the $75 mark on Wednesday as the US dollar looks weaker, helping commodities including oil futures and gold to rise.

US Light crude oil futures for November 2010 delivery was trading at $75.22 a barrel, 09.00 GMT on the NYMEX, the October contract expired yesterday.

Upside to WTI Oil Futures at $76 a Barrel?

“If the oil market continues to go up, then the upside will be limited around $76 as inventories remain pretty high and we are yet to see a strong rebound in the global economy.” said Ken Hasegawa, an analyst at Newedge Japan.

US Dollar Index Nears 80

The ICE Dollar Index, which tracks the performance of the US dollar versus a basket of six other major currencies, fell 0.5 percent to 80.016, its lowest since the middle of March 2010.