Oil prices trading steady as US dollar makes gains

Oil prices are trading steady on Tuesday in Asia as the US dollar made some gains amid European sovereign risk worries and the latest forecasts for rising US crude oil inventories capped prices. US Light crude oil futures for April delivery rose 9 cents to $78.79 a barrel earlier this morning, while London ICE Brent climbed 11 cents to $77.00 on the ICE Futures Exchange. The front month contract for US Light crude oil futures touched $80.62 yesterday, its highest since January 13th 2010. But oil prices retreated after the US dollar gained 0.65 per cent against a basket of currencies (the Dollar Index). On Tuesday the US dollar gained a further 0.37 per cent as concern swirled about sovereign risk issues in Europe. The Euro fell against the US dollar on Monday as uncertainty remained over a bailout package for debt strapped Greece, while Wall Street extended gains after a spurt of takeover news. “Rising equities are being offset by a stronger dollar and the market lacks some direction right now,” said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. Oil prices trading higher, maybe closing in on $80 mark 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 down two percent on stronger US dollar Oil prices trading steady on higher dollar, awaits EIA data Light oil prices trading around $74, eyes on US Dollar Oil prices & commodities trading higher, US dollar slides Oil prices trading higher amid stronger US Dollar, Europe Higher US dollar sends oil prices back to $70 range Oil prices up on short covering, US job Data next cue Oil prices trading down five percent on European debt, dollar Crude oil prices trading higher, eyes on US Dollar Index 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 Light oil price trading back over $80 on buying activity Oil prices trading back over $80 mark on higher markets

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Oil prices trading steady as US dollar makes gains