WTI oil trading over $80 as investors turn bullish on oil

1 October 2010 1 October 2010

BonTrade

WTI oil prices are trading over the $80 mark early on Friday after recent US oil supply and economic data has investors turning bullish on crude oil futures.

US Light crude oil futures for November 2010 delivery was trading at $80.60, 07.45 GMT on the NYMEX after closing at $79.80 a barrel in trading on Thursday.

WTI Futures Break Through the $70 – $80 Range

WTI oil futures have broken thorugh the $80 mark although stock markets remain flat and the US dollar hung on in currency markets.

Meanwhile, the US Dollar Index eased 0.1 percent to 78.627 after dropping as far as 78.414 on Thursday, its weakest point in eight months of this year.

“Oil futures are still riding the wave of the supportive EIA report. We still view the $80 area as the approximate high side of about a $10 trading range that could remain intact through most of the fourth quarter.” Ritterbusch and Associates said in a report.