{"id":11635,"date":"2010-07-27T13:31:59","date_gmt":"2010-07-27T11:31:59","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11635\/oil-prices-trading-flat-on-lower-dollar-awaits-us-markets\/"},"modified":"2010-07-27T13:31:59","modified_gmt":"2010-07-27T11:31:59","slug":"oil-prices-trading-flat-on-lower-dollar-awaits-us-markets","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11635\/oil-prices-trading-flat-on-lower-dollar-awaits-us-markets\/","title":{"rendered":"Oil prices trading flat on lower dollar, awaits US markets"},"content":{"rendered":"

Oil prices are trading flat on Tuesday as the US dollar sinks lower and it seems that many investors are once again awaiting the US market open to get a better picture of short term oil price direction.<\/p>\n

In London, Brent crude oil futures for September 2010 delivery was at $77.54, 12.00 GMT on the ICE Futures Exchange, while US Light crude oil futures was at $79.09 on the NYMEX.<\/p>\n

The ICE Dollar Index which tracks a basket of currencies was down to 82.074 today.<\/p>\n

After a modestly positive start to the week on Monday, investors seem freshly emboldened this morning following a good performance on Wall Street, good banking results and a positive reaction to BP’s quarterly numbers.<\/p>\n

US stock markets have underpinned oil prices as traders often look to stock markets as a barometer of overall investor sentiment. The Dow Jones industrial average rose one percent yesterday and is up about four percent in the last three trading sessions.<\/p>\n

“We still see a relatively close linkage between the stock market and the oil for now,” Ritterbusch and Associates said.<\/p>\n

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