{"id":11717,"date":"2010-08-03T19:49:49","date_gmt":"2010-08-03T17:49:49","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11717\/oil-trading-at-82-hanging-onto-gains-amid-mixed-markets\/"},"modified":"2010-08-03T19:49:49","modified_gmt":"2010-08-03T17:49:49","slug":"oil-trading-at-82-hanging-onto-gains-amid-mixed-markets","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11717\/oil-trading-at-82-hanging-onto-gains-amid-mixed-markets\/","title":{"rendered":"Oil trading at $82, hanging onto gains amid mixed markets"},"content":{"rendered":"

Both Brent and WTI oil prices are hanging onto today’s trading gains and are at the $82 mark amid mixed stock markets and latest data out of the US.<\/p>\n

In London, Brent crude oil futures for September 2010 delivery was at $82.08, 18.00 GMT on the ICE Futures Exchange, while US Light crude oil futures were at $82.01 on the NYMEX.<\/p>\n

“The oil market is being extraordinarily resilient, and today it’s basically saying that yesterday was a legitimate breakout above $80. It’s a market that is very resilient and it has been shrugging off almost all the bearish news we’ve been getting.” said Peter Beutel, an energy analyst at Cameron Hanover.<\/p>\n

But while the mixed data helped push US and European stock markets lower, the oil market focused on a weaker dollar against the euro. A weaker dollar helps support oil prices, which become cheap for holders of other currencies as the US dollar falls lower.<\/p>\n

Oil prices have recently stayed within a range of $70 to $80 for most of the summer before trading above $82 today, despite large oil supplies, poor oil demand and mixed reports about any global recovery.<\/p>\n

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