{"id":12155,"date":"2010-09-25T09:53:42","date_gmt":"2010-09-25T07:53:42","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12155\/wti-oil-price-closes-over-76-on-higher-stock-markets\/"},"modified":"2010-09-25T09:53:42","modified_gmt":"2010-09-25T07:53:42","slug":"wti-oil-price-closes-over-76-on-higher-stock-markets","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12155\/wti-oil-price-closes-over-76-on-higher-stock-markets\/","title":{"rendered":"WTI oil price closes over $76 on higher stock markets"},"content":{"rendered":"

WTI oil prices close the week trading higher, over $76 a barrel as higher stock markets in Europe and the US have a positive effect on commodities and the US dollar weakens.<\/p>\n

US Light crude oil futures for November 2010 delivery closed at $76.49 a barrel on the NYMEX, nearly $3 higher than last week’s closing price of $73.65.<\/p>\n

Positive news in several categories of US durable goods orders helped boost WTI oil prices nearly two percent on Friday.<\/p>\n

The US stock market moved higher on Friday with the Dow Jones adding 197.84 points, or 1.86%, to close at 10860.26, its biggest one day rise since 1st September 2010.<\/p>\n

Oil, Gold and Silver Prices Gain<\/strong><\/p>\n

On the commodity markets silver climbed to the highest price since 1980 as the dollar’s slump boosted demand for precious metals as alternative assets. Gold was little changed after rising to a record, topping $1300 an ounce, and oil prices are roughly four percent higher this week.<\/p>\n

Meanwhile, the US dollar weakened against most other currencies and a weaker dollar encourages investors to buy oil futures, which is traded in the US currency.<\/p>\n

“The US dollar’s weakening seems to have rallied not only oil, but gold and copper. This helps the commodity sector broadly,” said Bart Malek of BMO Capital Markets.<\/p>\n

The US dollar finished sharply lower this week after the US Federal Reserve hinted that it would provide more aid to prevent the US economy from derailing.<\/p>\n

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