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Oil prices & commodities trading higher, US dollar slides
Published on February 9, 2010 by oilprices · No CommentsCrude oil prices rose by more than $1 a barrel in trading on Tuesday, leading a broad recovery across commodity markets. Oil prices have risen above $73 a barrel as a sliding US dollar offset concerns about the strength of the global economic recovery.
By early afternoon Tuesday in Europe, benchmark US Light crude oil futures for March delivery was up above $73 a barrel in electronic trading on the NYMEX, while ICE Brent oil futues for March delivery gained $1 at $71.11 a barrel, supported by colder weather in the US and a weaker dollar.
Sentiment was boosted on Tuesday following news that European Central Bank President Jean-Claude Trichet will leave an event in Australia earlier than planned to attend a meeting of European Union leaders in Brussels on Thursday.
Hedge Fund Managers and other large speculators reduced their bets on rising crude oil prices for a third week, according to the US CFTC data.
Tags: commodities, crude, dollar, markets, oil, oil prices, trading, US