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Page added on January 28, 2010

US Light oil price trading around $74 after Obama speech

US Light oil price rose toward $74 a barrel in trading on Thursday, rebounding from six week lows, after US President Barack Obama’s speech (State of the Union address) and the Fed’s decision to maintain low interest rates revived some confidence about economic growth in the US.

Obama promised Americans that he would revive jobs growth and curb exploding deficits in a speech to Congress that also took a more moderate tone on US banking curbs, and he pledged to double exports within the next five years.

“Once President Obama comes out with more details about his plans for reform of the US banking sector, stock markets could turn around and that would be bullish for oil,” said Ben Westmore, a commodities analyst at the National Australia Bank.

US crude oil futures for March delivery rose 30 cents to $73.97 by 0353 GMT. On Wednesday it touched $72.65, the lowest intraday price since December 14th 2009. Light oil prices have dropped 12 percent from a fifteen month peak near $84 on January 11th, while in London, ICE Brent crude oil futures for March settlement gained 23 cents in trading to $72.47 a barrel.