Oil prices trading above $80 on higher 2010 forecasts

Light oil prices are trading above the $80 mark for a second session after Iran’s OPEC governor forecasts that global consumption may climb by as much as 1.4 million barrels a day in the second half of 2010. Oil prices pared earlier gains as the US dollar traded little changed after posting its sixth straight weekly increase against the euro, the longest streak since 2000. US Light crude oil futures for March delivery rose around one percent, to $80.51 a barrel in electronic trading on the NYMEX, while in London, Brent crude oil futures for April delivery also rose one percent, to $78.94 a barrel on the ICE Futures Exchange, and was at $78.63 at 1:06 p.m (Singapore time). “That growth story suggests that oil prices will continue to firm as the global economy recovers,” said Toby Hassall, research analyst with CWA Global Markets Pty in Sydney. “But that firming US dollar, if it does continue, that will keep prices fairly well in check.” Ecuador’s Pinto says OPEC oil output to remain unchanged Oil prices trading higher on Iran, Asian stock markets up Light oil prices trading around $74, eyes on US Dollar US Light oil price trading near $72 on new Iran tensions China’s NDRC sees crude oil prices trading average $80 in 2010 OPEC El-Badri warns of higher oil prices if Iran attack Crude oil prices start 2010 trading around the $80 mark Oil prices trading up for 6th day on US stockpiles, Iran tensions Oil prices trading higher on US demand, $80 by year end? OPEC meeting underway, higher oil prices in 2010? Oil prices trading steady as Iran/Iraq tension eases Oil prices trading higher, Iran and Dubai in spotlight Oil prices trading steady, awaits US crude inventory data Brent oil price hovers under $77 on higher dollar, markets Oil prices trading steady as US dollar makes gains Top Libya official says OPEC to keep oil output unchanged Light oil price trading back over $80 on Iran, markets OPEC members oil output in Feb 2010 hits 14 month high Oil prices trading back over $80 mark on higher markets The Weekly Oil Futures Wrap at Live Oil Prices

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Oil prices trading above $80 on higher 2010 forecasts