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WTI oil trading near $76 as US stock market opens lower
Published on July 16, 2010 by oilprices · No CommentsWTI oil prices are having a strong week and holding firm, trading near $76 as the US stock market opens lower on gloomy news that US consumer sentiment tumbled to an 11 month low in July.
US Light crude oil futures were at $76.22, 16.00 GMT on the NYMEX after opening today’s session in the mid $76 range.
The US Consumer Price Index dipped 0.1 percent last month after falling 0.2 percent in May, the Labor Department said today, but analysts had expected consumer prices to be flat, opposed to falling.
“We’re stuck in a $70 to $80 price range and looking for a strong signal to exit it in either direction,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.
The Dow Jones has lost around 1.5 percent today so far, however WTI oil prices are holding firm amid Friday’s dip in confidence.
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