Oil prices flat in light trading, awaits latest US GDP data

Oil prices are little changed in a very light trading session so far today as investors are awaiting the latest US GDP data which may point the way forward.

In London, Brent crude oil futures for September 2010 delivery was at $77.08, 11.45 GMT on the ICE Futures Exchange, while US Light crude oil futures were at $77.79, both contracts are lower than at open.

Oil traders are awaiting the release of second quarter US GDP data for a further indication of the health of the US economy.

“A US GDP report within expectations will likely fail to move the market, while only growth above 3% can be strong evidence of a recovery and push oil prices above $80 a barrel.” said Ken Hasegawa, analyst at Newedge Japan.

“Watch today’s numbers and also watch out for the annual revisions that are released. It could change a lot of perceptions about the shape of the recession and subsequent recovery.” said Jim Reid at Deutsche Bank.

Markets, oil prices and commodities in general are trading lower on current fears that the US will prove to be growing below economists ideal projections.

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