{"id":11732,"date":"2010-08-05T09:22:25","date_gmt":"2010-08-05T07:22:25","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11732\/brent-oil-trading-near-82-on-us-data-stock-markets\/"},"modified":"2010-08-05T09:22:25","modified_gmt":"2010-08-05T07:22:25","slug":"brent-oil-trading-near-82-on-us-data-stock-markets","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11732\/brent-oil-trading-near-82-on-us-data-stock-markets\/","title":{"rendered":"Brent oil trading near $82 on US data, stock markets"},"content":{"rendered":"

Brent oil prices fell at open on Thursday in a lighter trading session, hovering at $82 as investors take stock of markets and the latest data out of the US.<\/p>\n

In London, Brent crude oil futures for September 2010 delivery was at $81.94, 07.45 GMT on the ICE Futures Exchange.<\/p>\n

Oil prices were hit by data released by the US Department of Energy yesterday showing a sharp increase in US distillate and petrol inventories even as US oil stocks fell by 2.8 million barrels, double the amount forecast by analysts.<\/p>\n

“We see $80 and above as the price aptly befitting fundamentals.” Barcays Capital said in a report.<\/p>\n

“We are maintaining a short term bullish view for now in quest of an eventual oil price advance toward the $84.50 area” said Jim Ritterbusch, president of oil trading advisory firm Ritterbusch & Associates.<\/p>\n

European markets are expected to trade higher today following stronger than expected growth in the US services sector. Brent oil futures remain at three month highs since hitting the $80 plus mark back in April.<\/p>\n

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