{"id":11650,"date":"2010-07-28T08:32:45","date_gmt":"2010-07-28T06:32:45","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11650\/wti-oil-price-trading-back-near-77-on-us-supply-jump\/"},"modified":"2010-07-28T08:32:45","modified_gmt":"2010-07-28T06:32:45","slug":"wti-oil-price-trading-back-near-77-on-us-supply-jump","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11650\/wti-oil-price-trading-back-near-77-on-us-supply-jump\/","title":{"rendered":"WTI oil price trading back near $77 on US supply jump"},"content":{"rendered":"

WTI oil prices are trading back near the $77 mark Wednesday in Asia after a report showed that US crude supplies jumped higher last week, suggesting that crude oil demand in the US remains weak.<\/p>\n

US Light crude oil futures for September 2010 delivery were at $77.40, 07.00 GMT on the NYMEX after slipping to $77.00 a barrel earlier this morning.<\/p>\n

Crude inventories jumped 3.1 million barrels last week, the American Petroleum Institute said late Tuesday. Analysts had expected a drop of 2.3 million barrels.<\/p>\n

“With the price near $80, there would have to be some extreme bullishness to witness a break to the upside. The price of oil should stay in the $75 range for now.” Sander Capital said in a report.<\/p>\n

In the absence of any clear sign that western economies are going to recover or have a double dip, oil prices have taken almost daily cues from stock markets.<\/p>\n

“Falling consumer confidence in the US and the growing likelihood of a double dip in house prices have put a further dent in the already deteriorating outlook for consumption growth,” research house Economics said.<\/p>\n

Oil prices tumbled in US trading hours yesterday after a closely watched survey showed that US consumer confidence plunged to its worst level in five months.<\/p>\n

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