Oil prices hold firm near $76 mark as BP stops Gulf oil leak

Crude oil prices open trading on Friday slightly lower but firm around the $76 mark as latest news from the Gulf of Mexico suggests BP has stopped the oil leak with it’s new capping device. US Light crude oil futures was trading at $76.48 at 08.00, GMT on the NYMEX, while in London, Brent crude oil futures for September 2010 delivery was at $75.90, 08.00 GMT on the ICE Futures Exchange. “It seems there’s no big news in Asia today. Traders are closing positions ahead of the weekend,” Newedge Japan trader Masaki Suematsu said. But there is some big news coming out of the US. After 85 days and up to 184 million gallons, BP finally gained control over one of America’s biggest environmental catastrophes Thursday by placing a carefully fitted cap over a runaway geyser that has been gushing crude into the Gulf of Mexico since early April 20th 2010. The drama that unfolded quietly in the darkness of deep water Thursday was a combination of trial, error, technology and luck. It came after weeks of repeated attempts to stop the oil leak. Yesterday’s success followed days of uncertainty about how the sealing cap would perform, and whether it could stop the oil without blowing a new hole in the oil well. Brent oil trading higher, Gulf spill not affecting price, yet.. Gulf oil spill puts upward momentum on crude oil prices Oil prices end week’s trading session down eight percent WTI oil prices trading higher, eyes on Gulf hurricane Alex Brent oil price trading lower, is double dip on it’s way? Oil prices trading up 2 percent on China Yuan decision Crude oil prices close trading higher for 2nd week running Crude oil prices trading steady in $77 to $80 range Oil prices end week around $74 mark in uncertain market Crude oil prices fall four percent on gloomy US jobs data Oil prices open trading around $72 mark, US dollar gains Brent oil trading lower on continued euro debt concerns Oil prices trading at $71 mark, following stock markets Oil prices back at $70 range after 20 percent May losses Light oil prices trading up over $86 on messy Gulf oil spill Oil prices back in $85 to $90 trading range, in mixed week Oil prices start the week trading higher on US data Crude oil prices hit 2010 trading high on falling US dollar Oil prices trading higher on Monday amid weaker US dollar Crude oil prices gain as traders eye global stock markets

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Oil prices hold firm near $76 mark as BP stops Gulf oil leak