{"id":11720,"date":"2010-08-04T09:52:22","date_gmt":"2010-08-04T07:52:22","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11720\/wti-oil-price-trading-around-82-on-weaker-us-dollar\/"},"modified":"2010-08-04T09:52:22","modified_gmt":"2010-08-04T07:52:22","slug":"wti-oil-price-trading-around-82-on-weaker-us-dollar","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11720\/wti-oil-price-trading-around-82-on-weaker-us-dollar\/","title":{"rendered":"WTI oil price trading around $82 on weaker US dollar"},"content":{"rendered":"

WTI oil prices open Wednesday’s trading session slightly lower and is hovering around the $82 mark as the US dollar remains weak against other currencies.<\/p>\n

US Light crude oil futures for September 2010 delivery was at $82.13 a barrel, 08.30 GMT on the NYMEX.<\/p>\n

“$80 was a strong resistance level…. The way we broke through 80, it seems market sentiment is a bit bullish.” said Clarence Chu, an oil trader with Hudson Capital Energy in Singapore.<\/p>\n

If oil prices continue to rally, it could undermine consumer demand in the US and put at risk any clear recovery.<\/p>\n

“The scary thought is what happens if oil hits $86 and keeps going,” Sander Capital said. “The US economy cannot take oil at $100 a barrel again.”<\/p>\n

Meanwhile, a report from Asia showed that US crude oil inventories fell less than expected last week, suggesting oil demand in the US remains sluggish.<\/p>\n

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