{"id":11622,"date":"2010-07-26T16:58:46","date_gmt":"2010-07-26T14:58:46","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11622\/wti-oil-price-at-79-looks-to-recovery-signs-and-markets\/"},"modified":"2010-07-26T16:58:46","modified_gmt":"2010-07-26T14:58:46","slug":"wti-oil-price-at-79-looks-to-recovery-signs-and-markets","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11622\/wti-oil-price-at-79-looks-to-recovery-signs-and-markets\/","title":{"rendered":"WTI oil price at $79, looks to recovery signs and markets"},"content":{"rendered":"

WTI oil prices are trading at the $79 mark on Monday afternoon as future prices may come from recovery signs in the US and Europe as well as activity in global stock markets.<\/p>\n

US Light crude oil futures for September 2010 delivery was at $78.90 a barrel, 15.45 GMT on the NYMEX in light trading.<\/p>\n

Oil prices this month have been generally tracking the performance of equities markets, which in turn have been taking cues from macroeconomic signals which market players lack consensus on.<\/p>\n

With mixed options, “there is no reason to buy or sell (oil)” now, said Ryuichi Sato at Mizuho Securities, adding oil may fluctuate between $75 and $80 a barrel this week.<\/p>\n

Meanwhile, European markets failed to provide support to oil prices, falling slightly because of growing skepticism that stress tests on European banks, published on Friday, were not strict enough.<\/p>\n

In a sign of bullishness on crude oil prices, open interest positions increased on September $85 and $90 call options on Friday compared with a week before, as oil prices rose to near $80 a barrel before ending the session slightly lower.<\/p>\n

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