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Page added on July 28, 2010

Oil prices see slow trading day amid uncertain markets

Crude oil prices are trading down at close on Wednesday in uncertain markets as US stocks dip lower and investors question the strength of any global recovery, coming anytime soon?

In London, Brent crude oil futures for September 2010 delivery were at $75.76, 21.00 GMT on the ICE Futures Exchange, while US Light crude oil futures were trading at $76.89, down nearly one percent.

Oil prices for both Brent and Light crude have hovered within the $70s for most of 2010, with doubts about the strength of the US economic recovery helping to undermine any move above $80 per barrel for oil futures.

Crude oil futures have rallied around $8 since the beginning of July 2010, and this drawback is on slightly weaker economic news in the US that has stirred up discussion about a double dip recession for the US and western economies.

Worries about lower oil demand for both Brent and WTI futures will continue as the peak US driving season ends soon and brings around the US fall period, when oil consumption is seasonally low.