{"id":11557,"date":"2010-07-21T09:16:23","date_gmt":"2010-07-21T07:16:23","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11557\/wti-oil-trading-closer-to-80-follow-us-markets-higher\/"},"modified":"2010-07-21T09:16:23","modified_gmt":"2010-07-21T07:16:23","slug":"wti-oil-trading-closer-to-80-follow-us-markets-higher","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11557\/wti-oil-trading-closer-to-80-follow-us-markets-higher\/","title":{"rendered":"WTI oil trading closer to $80, follow US markets higher"},"content":{"rendered":"

WTI oil prices are trading higher on Wednesday and are moving closer to the $80 mark as US stock markets show some positive upsides on second quarter company earning results.<\/p>\n

US Light crude oil futures for September 2010 delivery was at $77.60, 08.00 GMT on the NYMEX.<\/p>\n

Oil traders are also studying global stock markets as a sign of overall investor sentiment. The US Dow Jones rose 0.7 percent on Tuesday and the S&P 500 gained 1.1 percent on positive second quarter earnings results in America.<\/p>\n

“The bottom line is that we will continue to watch the S&P as an indicator for crude oil.” energy analyst and trader the Schork Group said in a report.<\/p>\n

New Gulf Hurricane Warning Helps Lift Oil Prices<\/strong><\/p>\n

One of the other reasons why oil prices could hit $80 soon is due to the latest update from the US National Hurricane Center which alerted that Puerto Rico and the Dominican Republic has a 60 percent chance of becoming the second named tropical cyclone of the Atlantic Hurricane season.<\/p>\n

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