{"id":10886,"date":"2010-05-20T09:02:53","date_gmt":"2010-05-20T07:02:53","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/10886\/brent-oil-trading-steady-near-74-as-wti-spread-closes-in\/"},"modified":"2010-05-20T09:02:53","modified_gmt":"2010-05-20T07:02:53","slug":"brent-oil-trading-steady-near-74-as-wti-spread-closes-in","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/10886\/brent-oil-trading-steady-near-74-as-wti-spread-closes-in\/","title":{"rendered":"Brent oil trading steady near $74 as WTI spread closes in"},"content":{"rendered":"

Brent oil futures are trading just below the $74 mark on Thursday as the spread between Brent and WTI Light oil price close back in for July’s contracts.<\/p>\n

In trading, Brent crude oil futures for July delivery was at $73.92 midday Singapore time on the ICE Futures Exchange, while WTI Light crude oil futures for July delivery climbed as much as 75 cents to $73.23 a barrel on the NYMEX.<\/p>\n

Oil prices have gained for a second day as investors took the view a drop below $70 a barrel made oil futures more attractive to buy. Meanwhile, the US dollar slipped from a four year high against the euro, bolstering the investment appeal of commodities.<\/p>\n

\u201cWe\u2019ve come off very sharply the last couple of weeks and that\u2019s been attributable to a stronger dollar, widespread risk aversion and a global growth outlook which has been dented by sovereign debt issues in Europe,\u201d said Toby Hassall, research analyst at CWA Global Markets Pty in Sydney.<\/p>\n

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