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WTI oil price back near $72 amid a higher US dollar
Published on August 25, 2010 by oilprices · No CommentsWTI oil prices opening trading in Asia higher and are back near the $72 a barrel mark amid more grim data from the US has investors once again piling into the US dollar, sending the ICE Dollar Index higher.
US Light crude oil futures for October 2010 delivery was trading at $71.89 a barrel, 07.45 GMT on the NYMEX.
The ICE Dollar Index, which tracks the US dollar against a trade weighted basket of currencies, was up almost 0.24% at 83.34. The US dollar, slipped slightly against the euro after release of the latest grim US housing data and continued to hold on to previous gains on apparent risk aversion.
WTI oil prices are bouncing back from a seven week low as investors looked for relief in US durable goods and oil inventory reports due later in the day, after fears of a double dip recession intensified
with dismal housing data.
Meanwhile, European stock market futures pointed to a lower open for equities on Wednesday after sharp declines in the previous session, with poor economic numbers raising concerns about the
sustainability of economic recovery.
Tags: data, dollar, dollar index, ICE, Index, oil, oil prices, prices, trading, US dollar, WTI, wti oil price