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Oil prices trading steady after Thursday loss, eyes on dollar
Published on February 26, 2010 by oilprices · No CommentsOil prices rose in trading on Friday as the US dollar weakened against the euro, with hopes of demand recovery supporting prices above $78. The ICE US Dollar Index, which measures the dollar against a basket of leading currencies was at 80.50 as of this morning.
On the NYMEX, Light crude oil futures for delivery in April traded at $78.56 a barrel at 0641 GMT, while in London, April Brent crude oil futures on London’s ICE Futures Exchange rose 39 cents to $76.68 a barrel.
“Crude has by and large been influenced by the US dollar this morning,” David Moore, commodities strategist at Commonwealth Bank of Australia said. Macroeconomic data, such as the Chicago purchasing managers’ index and total existing home sales due later today could influence oil prices, he said, adding that prices will remain in a fairly broad range of $70 to above $80 on support from the economic recovery.