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Page added on March 5, 2010

Oil prices trading steady around $80, stronger US dollar

Crude oil prices are steady in trading on Friday in Asia and are holding onto the $80 range as the US dollar benefited from doubts about whether Greece’s austerity measures aimed at slashing the country’s deficit will actually work.

Light crude oil futures for April delivery was up 53 cents to $80.74 a barrel at midday Singapore time in electronic trading on the NYMEX, while in London, Brent crude oil futures is trading at $78.48 on the ICE Futures Exchange.

The euro fell versus the dollar on Thursday as comments by the European Central Bank reinforced the view interest rates in the region will remain low in the foreseeable future.

“The market was not responding well to the positive economic reports. Now home sales data is weighing. Once again the market is in $80 to $81 range and can’t sustain a rally,” said Tom Bentz, broker at BNP Paribas Commodity Futures Inc in New York.

The market is waiting for closely watched US non-farm payroll data on Friday at 8:30 a.m. EST (1330 GMT) for any potential sign of economic recovery.

Reports of an attack on an oil facility in Nigeria gave some support to prices on Thursday, raising worries over production from the Niger Delta after a period of relative calm. A militant faction in Nigeria’s restive Niger Delta said it blew up an oil manifold operated by Italy’s Agip on Wednesday.