{"id":11675,"date":"2010-07-30T13:13:32","date_gmt":"2010-07-30T11:13:32","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11675\/oil-prices-flat-in-light-trading-awaits-latest-us-gdp-data\/"},"modified":"2010-07-30T13:13:32","modified_gmt":"2010-07-30T11:13:32","slug":"oil-prices-flat-in-light-trading-awaits-latest-us-gdp-data","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11675\/oil-prices-flat-in-light-trading-awaits-latest-us-gdp-data\/","title":{"rendered":"Oil prices flat in light trading, awaits latest US GDP data"},"content":{"rendered":"

Oil prices are little changed in a very light trading session so far today as investors are awaiting the latest US GDP data which may point the way forward.<\/p>\n

In London, Brent crude oil futures for September 2010 delivery was at $77.08, 11.45 GMT on the ICE Futures Exchange, while US Light crude oil futures were at $77.79, both contracts are lower than at open.<\/p>\n

Oil traders are awaiting the release of second quarter US GDP data for a further indication of the health of the US economy.<\/p>\n

“A US GDP report within expectations will likely fail to move the market, while only growth above 3% can be strong evidence of a recovery and push oil prices above $80 a barrel.” said Ken Hasegawa, analyst at Newedge Japan.<\/p>\n

“Watch today’s numbers and also watch out for the annual revisions that are released. It could change a lot of perceptions about the shape of the recession and subsequent recovery.” said Jim Reid at Deutsche Bank.<\/p>\n

Markets, oil prices and commodities in general are trading lower on current fears that the US will prove to be growing below economists latest projections.<\/p>\n

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