{"id":11758,"date":"2010-08-06T09:06:07","date_gmt":"2010-08-06T07:06:07","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11758\/wti-oil-price-trading-firm-at-82-ahead-of-us-jobs-data\/"},"modified":"2010-08-06T09:06:07","modified_gmt":"2010-08-06T07:06:07","slug":"wti-oil-price-trading-firm-at-82-ahead-of-us-jobs-data","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11758\/wti-oil-price-trading-firm-at-82-ahead-of-us-jobs-data\/","title":{"rendered":"WTI oil price trading firm at $82 ahead of US jobs data"},"content":{"rendered":"

WTI oil prices open Friday’s trading session over $82 a barrel as markets await the latest US jobs data which could send oil futures higher.<\/p>\n

US Light crude oil futures for September 2010 delivery was trading at $82.44 a barrel, 07.45 GMT on the NYMEX.<\/p>\n

“Oil prices are still in position to advance if we get strong moves higher in the euro or in equities as a result of a bullish employment report,” Cameron Hanover said in a report.<\/p>\n

Analysts expect the US Labor Department to say private employers hired 90,000 workers in July, a slight increase from the 83,000 hired in June 2010.<\/p>\n

Earlier this week oil traders cheered as crude prices finally broke through the stubborn $80 price level late on Monday. “$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

For oil prices, breaking out above $80 per barrel sets the stage for a more prolonged spell above the $80 mark.<\/p>\n

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