Oil prices trading steady on higher dollar, awaits EIA data

Oil prices are holding steady in early trading on Thursday and awaits the latest US EIA data to be released later today, while the US dollar made some gains against the euro. On the NYMEX, Light crude oil futures for delivery in March traded at $76.92 a barrel at 0708 GMT, down 41 cents in the Globex electronic session, while in London, Brent crude oil futures on London’s ICE Futures Exchange fell 45 cents to $75.82 a barrel. “The dollar is strengthening against the euro…that’s probably the main reason” for lower oil prices, said David Moore, a commodities strategist with Commonwealth Bank of Australia. The Dollar Index, which tracks the greenback against a trade-weighted basket of currencies, last traded at 80.56, up 0.18. “But the price is still within the recent trading range…the market is waiting for the EIA (Energy Information Administration) data for more indication,” Moore said. “In retrospect, it appears that the global economic crisis has postponed, but not canceled, a crunch which otherwise would have been starting to bite pretty much now,” Barclays Capital said in a report. “The trading range should start to move up, with $80 per barrel transitioning from being an effective ceiling to instead becoming an effective floor.” 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 Brent oil price trading up on latest positive US GDP data Light oil price trading back near $80 on weaker US dollar Oil prices trading steady after Thursday loss, eyes on dollar Crude oil prices trading steady on US oil stocks data Oil prices trading down two percent on stronger US dollar Light oil trading up on heavy buying ahead of EIA report Oil prices trading higher, maybe closing in on $80 mark Light oil prices trading around $74, eyes on US Dollar US Light oil prices trading near $75, investors eye US dollar Oil prices & commodities trading higher, US dollar slides Oil prices trading higher amid stronger US Dollar, Europe Higher US dollar sends oil prices back to $70 range Oil prices trading around $77 after US oil demand data Crude oil prices trading higher, eyes on US Dollar Index Crude oil prices trading higher amid a stronger US dollar Oil prices trading lower on stronger US dollar, demand Oil prices trading down one percent after early gains

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Oil prices trading steady on higher dollar, awaits EIA data