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Page added on February 6, 2010

US Light oil price back at $71 in trading volume record

The daily volume of front month US Light crude oil futures traded on the NYMEX hit a record on Friday as crude oil prices dipped back towards $71 per barrel. The surge came as crude oil prices fell after the US dollar rose sharply and amid worries about the US jobs market after a mixed US government employment report.

US Light crude oil futures settled the week’s trading session nearly three percent lower at $71.19 on Friday, after plunging a big five percent on Thursday in their biggest one day percentage dip since July 2009.

Trading volume for the front month contract of Light oil futures for March delivery, hit an estimated 540,000 positions as of 19.50 GMT, eclipsing the previous record of 527,000 hit on December 9th 2009. Daily trading volume for all NYMEX crude oil futures contracts hit a preliminary 1,007,414 positions, just below the 1,037,324 reached on December 9th 2009. The record was 1,092,509 positions set on June 6th, 2008.

Crude oil investors watch the US dollar and often buy commodities including crude oil as a hedge against inflation and sell when the US dollar strengthens.