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Page added on July 10, 2010

WTI oil price ends week over $76, tracks stock markets

WTI oil prices ended the week trading over the $76 a dollar mark as stock markets closed a little higher in Europe and in the US.

US Light crude oil futures for August delivery closed at $76.27 a barrel, which is a 5.5 percent climb on the previous weeks closing price.

Stocks are oil’s “latest hangout buddies. The assumption is if the stock market is higher, it implies increased economic activity.” said Peter Beutel, president of trading advisory firm Cameron Hanover in Connecticut.

“As long as we have the economy stable, not great, but stable, we are going to see higher oil prices,” said Carl Larry, president of Oil Outlooks and Opinions in Houston.

But markets may be getting ahead of themselves, said Dennis Gartman, an economist and editor of the Gartman Letter in Suffolk, Va. “There’s an awful lot of crude oil around,” said Gartman.