WTI oil price up over $73 as the US dollar looses out

US WTI Light oil prices are trading over the $73 range on Friday with the US dollar loosing ground as a new set of downbeat reports on the US economy had the dollar in retreat against most other major currencies. In New York, WTI Light crude oil futures for August 2010 opened trading and climbed to $73.17 a barrel by 08.30 GMT on the NYMEX. “We do expect the recovery to support prices ahead, once much of the doom and gloom mindset fades away, but a pervasive air of somewhat irrational nervousness still persists.” Barclays Capital said in a report. It also appears the US currency is losing its status as a safe haven, with the so called risk trade being replaced to some degree by fundamentals. A few weeks ago the US economy seemed to be in recovery, but this was not apparent today. The workforce declined by 130,000 in June, a slowdown in auto manufacturing, construction and a record low number of home sales indicate the economy may be slowing. A weak US dollar tend to have an upward effect on oil prices. WTI oil price trading higher as Gulf cyclone Alex heads in WTI oil price rebounds near $75 on weaker US dollar WTI oil price trading down 3 percent on firm US dollar Index WTI oil price back at $75, stock markets trading lower WTI oil price lower, Hurricane Alex to miss Gulf oil platforms WTI oil price trading above $78, eyes on Dollar Index WTI oil price dips as US jobs data shows increase WTI oil price trading higher on US dollar & supply data WTI oil price trading higher, over $73 on US supplies data Oil prices open trading around $72 mark, US dollar gains WTI oil price skids under $70 as US dollar firms up July WTI Light oil price trading near $73 on US data WTI oil price at $69 mark on strong dollar, high stocks US Light oil price trading down near $70 on strong dollar Light oil price trading under $74 on a stronger US dollar Brent oil price holding around $88 mark amid strong dollar Light oil prices at $83 in early trading, US dollar dips Euro in Greek tailspin, US dollar firms & oil prices holding out Light oil price trading near $85, China oil import data jumps Light oil price trading up as US dollar takes a knock

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WTI oil price up over $73 as the US dollar looses out