{"id":11823,"date":"2010-08-16T09:45:05","date_gmt":"2010-08-16T07:45:05","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11823\/wti-crude-oil-trading-higher-eyes-on-us-data-and-dollar\/"},"modified":"2010-08-16T09:45:05","modified_gmt":"2010-08-16T07:45:05","slug":"wti-crude-oil-trading-higher-eyes-on-us-data-and-dollar","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11823\/wti-crude-oil-trading-higher-eyes-on-us-data-and-dollar\/","title":{"rendered":"WTI crude oil trading higher, eyes on US data and dollar"},"content":{"rendered":"

WTI crude oil futures open higher in Asia trading today, near the $76 mark as the US dollar looses some strength and data to be released later this week may show that US manufacturing has expanded.<\/p>\n

US Light crude oil futures for September 2010 delivery was trading at $75.80 a barrel, 08.15 GMT on the NYMEX.<\/p>\n

US factory production and housing starts probably gained in July, economists said before the offical report is released later this week.<\/p>\n

In currency markets, the US dollar fell to $1.2805 per Euro after reaching $1.2734 earlier today, after touching the highest level in nearly four weeks.<\/p>\n

“Oil traders will likely trade upon the negative correlation with the dollar, which seems to be back in vogue.” said Stephen Schork of Schork Group.<\/p>\n

Meanwhile, Goldman Sachs commented that commodities demand for crude oil, gold, copper, zinc and platinum from emerging markets will help to support prices towards the end of 2010.<\/p>\n

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