WTI oil price opens trading near $76 amid falling markets

WTI oil prices open the week’s trading near the $76 mark as last Friday’s slide on the Dow Jones affects Asian stock markets today which are also lower.

US Light crude oil futures for September 2010 delivery was $75.88 a barrel, 07.00 GMT on the NYMEX after settling at $76.01 last Friday.

Oil prices fluttered in the mid $70′s last week as investors sought insight into the strength of the global economy from the start of second quarter company results in the US.

“The oil price decline looked mild considering the 2.5 percent slide in the Dow Jones. The consumer sentiment report would have put the oil longs on the back foot. The stickier oil price move may be reflecting bullish inventory reports over the past three weeks showing larger than expected declines in US crude supplies and a pickup in underlying demand.” said Mark Pervan, chief of commodities research at Australia & New Zealand Bank.

“Based on the news out last week, oil prices should have dropped much more than they did.” Cameron Hanover said in a report.

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