WTI oil price trading at $75 mark on lower stock markets

24 September 2010 24 September 2010

BonTrade

WTI oil futures open trading on Friday lower with prices around the $75 mark as Asian stock markets head lower after European and US markets finished down on Thursday.

US Light crude oil futures for November 2010 delivery was trading at $74.81, 08.00 GMT on the NYMEX after closing at $74.85 yesterday.

Oil prices were also under pressure overnight from weak data after a report that US jobless claims increased faster than analysts had expected. Initial claims for jobless aid rose by 12,000 last week to a seasonally adjusted 465,000, the first increase in five weeks, the US Labor Department said on Thursday.

“Oil prices are being buffeted by the offsetting influences of bearish oil balances and supportive economic releases that have proven sufficiently favorable.” Ritterbusch and Associates said in a report.

US Dollar Claws Back some Ground

The US dollar clawed back some lost ground yesterday which would also have a negative effect oo WTI oil prices. The ICE Dollar Index closed 0.36% higher at 80.118 levels.