Oil prices trading flat on lower dollar, awaits US markets

Published on July 27, 2010 by   ·   No Comments

Oil prices are trading flat on Tuesday as the US dollar sinks lower and it seems that many investors are once again awaiting the US market open to get a better picture of short term oil price direction.

In London, Brent crude oil futures for September 2010 delivery was at $77.54, 12.00 GMT on the ICE Futures Exchange, while US Light crude oil futures was at $79.09 on the NYMEX.

The ICE Dollar Index which tracks a basket of currencies was down to 82.074 today.

After a modestly positive start to the week on Monday, investors seem freshly emboldened this morning following a good performance on Wall Street, good banking results and a positive reaction to BP’s quarterly numbers.

US stock markets have underpinned oil prices as traders often look to stock markets as a barometer of overall investor sentiment. The Dow Jones industrial average rose one percent yesterday and is up about four percent in the last three trading sessions.

“We still see a relatively close linkage between the stock market and the oil for now,” Ritterbusch and Associates said.

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