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WTI oil price heads back under $72 on latest US data
Published on July 7, 2010 by oilprices · No CommentsWTI Light oil prices finished yesterday’s trading session lower near the $72 mark as the latest set of data from the US suggests that any US economic recovery may stall.
US Light crude oil futures for August 2010 delivery were at $71.95 at 07.45 GMT today on the NYMEX.
In the first day of trading after a long holiday weekend, WTI oil prices hit a high of $73.86 a barrel then fell back nearly two dollars as the US Institute of Supply Management said that its non manufacturing index declined to 53.8 points from 55.4 in May 2010.
“It looks like the market just gave way,” said analyst Jason Schenker at Prestige Economics.
“The market has been oversold and that’s why we are seeing pricing resisting to go below $72 and we are edging back up.” said Victor Shum, a senior principal with energy consultants Purvin & Gertz, Singapore.
Oil traders will be mulling crude inventory levels announced by the US API later today, together the US EIA report tomorrow to get a better picture on the health of the US economy and in turn, future oil price direction.
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