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Oil trading around $75 mark, eyes on Greece, US data
Published on February 12, 2010 by oilprices · No CommentsCrude oil futures are trading around the $75 a barrel mark in Asia on Friday morning, with concerns over Greece’s bailout plan, while traders bet on prices falling ahead of weekly US oil inventory data due later in the day from the US EIA.
NYMEX, Light crude oil futures for delivery in March traded at $75.05 a barrel at 0636 GMT, down 22 cents, while in London, Brent crude oil futures fell 24 cents to $73.88 a barrel on the ICE Futures Exchange.
“If the EIA shows a similar number, then crude will drop maybe $1.50 to $2.00 a barrel,” said Clarence Chu, a trader at Hudson Capital Energy in Singapore. “The EIA, for the past few weeks, really surprised most people.”
“The Greek bailout is helping support global markets and the price of oil,” he said. “If Greece was leaning further along to a default, then we would have seen oil break $70 for sure.”
The inverse relationship between crude prices and the US dollar has decoupled over the past three sessions, which may continue if the stock market stays strong, said Jim Ritterbusch, president of Ritterbusch & Associates, in a note to investors.
Tags: bailout, crude, data, futures, Greece, oil trading, prices, traders, US