{"id":10088,"date":"2010-03-05T08:48:57","date_gmt":"2010-03-05T07:48:57","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/10088\/oil-prices-trading-steady-around-80-stronger-us-dollar\/"},"modified":"2010-03-05T08:48:57","modified_gmt":"2010-03-05T07:48:57","slug":"oil-prices-trading-steady-around-80-stronger-us-dollar","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/10088\/oil-prices-trading-steady-around-80-stronger-us-dollar\/","title":{"rendered":"Oil prices trading steady around $80, stronger US dollar"},"content":{"rendered":"

Crude oil prices are steady in trading on Friday in Asia and are holding onto the $80 range as the US dollar benefited from doubts about whether Greece\u2019s austerity measures aimed at slashing the country\u2019s deficit will actually work.<\/p>\n

Light crude oil futures for April delivery was up 53 cents to $80.74 a barrel at midday Singapore time in electronic trading on the NYMEX, while in London, Brent crude oil futures is trading at $78.48 on the ICE Futures Exchange.<\/p>\n

The euro fell versus the dollar on Thursday as comments by the European Central Bank reinforced the view interest rates in the region will remain low in the foreseeable future.<\/p>\n

“The market was not responding well to the positive economic reports. Now home sales data is weighing. Once again the market is in $80 to $81 range and can’t sustain a rally,” said Tom Bentz, broker at BNP Paribas Commodity Futures Inc in New York.<\/p>\n

The market is waiting for closely watched US non-farm payroll data on Friday at 8:30 a.m. EST (1330 GMT) for any potential sign of economic recovery.<\/p>\n

Reports of an attack on an oil facility in Nigeria gave some support to prices on Thursday, raising worries over production from the Niger Delta after a period of relative calm. A militant faction in Nigeria’s restive Niger Delta said it blew up an oil manifold operated by Italy’s Agip on Wednesday.<\/p>\n

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