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WTI oil trading closer to $80, follow US markets higher
Published on July 21, 2010 by oilprices · No CommentsWTI oil prices are trading higher on Wednesday and are moving closer to the $80 mark as US stock markets show some positive upsides on second quarter company earning results.
US Light crude oil futures for September 2010 delivery was at $77.60, 08.00 GMT on the NYMEX.
Oil traders are also studying global stock markets as a sign of overall investor sentiment. The US Dow Jones rose 0.7 percent on Tuesday and the S&P 500 gained 1.1 percent on positive second quarter earnings results in America.
“The bottom line is that we will continue to watch the S&P as an indicator for crude oil.” energy analyst and trader the Schork Group said in a report.
New Gulf Hurricane Warning Helps Lift Oil Prices
One of the other reasons why oil prices could hit $80 soon is due to the latest update from the US National Hurricane Center which alerted that Puerto Rico and the Dominican Republic has a 60 percent chance of becoming the second named tropical cyclone of the Atlantic Hurricane season.
Support for NYMEX September 2010 US Light crude oil futures is currently seen at $76.40 to $75.20 levels & resistance at $78.30 to $79.00 levels.
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