{"id":11126,"date":"2010-06-14T08:42:31","date_gmt":"2010-06-14T06:42:31","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11126\/oil-prices-trading-higher-helped-by-asian-stock-markets\/"},"modified":"2010-06-14T08:42:31","modified_gmt":"2010-06-14T06:42:31","slug":"oil-prices-trading-higher-helped-by-asian-stock-markets","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11126\/oil-prices-trading-higher-helped-by-asian-stock-markets\/","title":{"rendered":"Oil prices trading higher helped by Asian stock markets"},"content":{"rendered":"

Crude oil prices are trading higher on Monday as rallying Asian stock markets gives a boost to investor confidence.<\/p>\n

US Light crude oil futures for July delivery was at $74.56 midday Singapore time ion the NYMEX, while in London Brent crude oil futures was at $75.00 a barrel on the ICE Futures Exchange.<\/p>\n

In the currency markets, the US dollar weakened about 0.6 percent against a basket of currencies (the Dollar Index), with the Euro at a one week high, which also had an upward effect on oil prices.<\/p>\n

However, speculative long positions that oil prices will increase, in crude futures declined 30% to 17,457 contracts on the NYMEX in the week ended June 8th, the lowest level since July 2009, according to the CFTC’s Commitments of Traders Report released on June 11th.<\/p>\n

Trading bets on oil price gains have dropped 87% since reaching a record 135,669 in January 2010.<\/p>\n

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