WTI oil trading above $71, expect higher oil prices soon

WTI oil prices are trading above $71 on Tuesday in Asia as a weaker US dollar and the possibility of hurricanes in the Gulf of Mexico may push oil prices higher in the near future. US Light crude oil futures for July 2010 delivery was trading up to $71.75 a barrel at midday Singapore time in electronic trading on the NYMEX. “As soon as the dollar drops, equity markets recover and the hurricanes hit the Gulf of Mexico, we could see a perfect storm for higher crude oil prices,” energy consultancy the Schork Group said in a report. The euro edged up but was still near four year lows against the US dollar on Tuesday as a short squeeze showed signs of waning and funds were expected to resume selling on persistent worries about Europe’s financial system. The market remains sensitive to negative news on Europe and it will be difficult for the Euro to move higher around the $1.20 level. The US hurricane season began 1st June 2010 and ends 30th November 2010, earlier this month experts predicted it would bring 14 to 23 tropical storms, including 8 to 14 hurricanes which includes hurricanes in the Gulf of Mexico, the home to most of the US oil platforms. Euro in Greek tailspin, US dollar firms & oil prices holding out WTI oil price skids under $70 as US dollar firms up WTI oil price at $69 mark on strong dollar, high stocks Light oil prices trading up over $86 on messy Gulf oil spill Light oil price trading up as US dollar takes a knock Oil prices trading lower as US dollar makes gains Oil prices trading steady amid a weaker US dollar Oil prices trading steady around $80, stronger US dollar Oil prices trading steady as US dollar makes gains Oil prices trading higher, maybe closing in on $80 mark US Light oil prices trading near $75, investors eye US dollar Brent oil trading back at $71 level as Euro slides lower Crude oil prices fall four percent on gloomy US jobs data Brent oil price trading at $75 as Euro stays at 4 year lows WTI oil price trading higher, over $73 on US supplies data Oil prices open trading around $72 mark, US dollar gains BP shares in freefall down £14bn as Gulf oil crisis deepens WTI oil price trading down 3 percent on firm US dollar Index Brent oil price sinks under $72 as the Euro looses ground Oil prices trading back near $75 amid ongoing Euro concerns

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WTI oil trading above $71, expect higher oil prices soon