Oil prices trading higher, maybe closing in on $80 mark

Oil prices are trading slightly higher in Asia this morning a could be closing back in on the $80 mark as a weaker US dollar and strengthening global stock markets as fears that Greece’s debt crisis would spread eased. In today’s session, US Light crude oil futures rose 34 cents to $77.35 on the NYMEX, while in London, Brent crude oil futures are up 22 cents to $75.90 on the ICE Futures Exchange. The euro extended a rebound in Asia, edging up to almost $1.3770. Oil prices also received a boost following a rally in US stock markets last night after the New York Federal Reserve Bank said manufacturing activity in the New York region expanded in February at a faster pace than expected. What’s driving oil prices higher: Oil prices are being lifted by a weaker US dollar, which fell against the euro, pound and yen. The euro gained ground on restored confidence as Europe urged Greece to take measures to tackle its debt crisis and finance ministers met in Brussels to discuss the problem. Crude oil, like other commodities, is priced in dollars, and a weaker greenback lifts prices. “The sentiment just seemed to change drastically over the weekend,” said James Cordier, president of Liberty Trading Group. “Risk came back to the table with the stock market up sharply, and crude traded in the direction most easily traveled.” Iran tensions and the relation to oil prices: Crude oil prices are being supported by concerns about Iran. “There’s been an awful lot of talk about Iran recently,” said Cameron Hanover analyst Peter Beutel. “That’s certainly been a big factor in the way people are starting to think about this market.” US Light oil prices trading near $75, investors eye US dollar 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 Oil prices & commodities trading higher, US dollar slides Higher US dollar sends oil prices back to $70 range Oil prices trading back over $80 mark on higher markets Oil prices trading down two percent on stronger US dollar Oil prices trading steady on higher dollar, awaits EIA data Oil prices trading higher on Iran, Asian stock markets up Light oil prices trading around $74, eyes on US Dollar Oil prices trading higher amid stronger US Dollar, Europe Oil prices up on short covering, US job Data next cue Crude oil prices trading higher, eyes on US Dollar Index Oil prices trading higher as optimism boosts Asia markets Crude oil prices trading higher amid a stronger US dollar Light oil price trading up near $78, eyes on Dollar Index Oil prices trading lower on stronger US dollar, demand Oil prices trading down one percent after early gains US Light oil price trading down on Dubai fears

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Oil prices trading higher, maybe closing in on $80 mark