{"id":12211,"date":"2010-10-01T09:11:58","date_gmt":"2010-10-01T07:11:58","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12211\/wti-oil-trading-over-80-as-investors-turn-bullish-on-oil\/"},"modified":"2010-10-01T09:11:58","modified_gmt":"2010-10-01T07:11:58","slug":"wti-oil-trading-over-80-as-investors-turn-bullish-on-oil","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12211\/wti-oil-trading-over-80-as-investors-turn-bullish-on-oil\/","title":{"rendered":"WTI oil trading over $80 as investors turn bullish on oil"},"content":{"rendered":"

WTI oil prices are trading over the $80 mark early on Friday after recent US oil supply and economic data has investors turning bullish on crude oil futures.<\/p>\n

US Light crude oil futures for November 2010 delivery was trading at $80.60, 07.45 GMT on the NYMEX after closing at $79.80 a barrel in trading on Thursday.<\/p>\n

WTI Futures Break Through the $70 – $80 Range<\/strong><\/p>\n

WTI oil futures have broken thorugh the $80 mark although stock markets remain flat and the US dollar hung on in currency markets.<\/p>\n

Meanwhile, the US Dollar Index eased 0.1 percent to 78.627 after dropping as far as 78.414 on Thursday, its weakest point in eight months of this year.<\/p>\n

“Oil futures are still riding the wave of the supportive EIA report. We still view the $80 area as the approximate high side of about a $10 trading range that could remain intact through most of the fourth quarter.” Ritterbusch and Associates said in a report.<\/p>\n

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