WTI oil price finishes over $75 after Bernanke comments

WTI oil prices finishes the week back over $75 a barrel after US Fed’s Bernanke managed to soothe growth concerns in the world’s largest oil consuming nation, the US.

US Light crude oil futures for October 2010 delivery finished the week at $75.50 a barrel on the NYMEX, up over a dollar after last week’s close of $73.82.

“The market is reacting to the comments that Bernanke made this morning saying that the Federal Reserve would be there if the economy showed more signs of distress. The stock market rallied as well as oil prices.” said analyst Andy Lipow of Lipow Oil Associates.

Bernanke further said the Fed will take more unconventional steps to boost growth if the economic outlook deteriorated significantly. Such measure could include pumping cash into the US economy, which would lower the US dollar’s value and make oil futues a more attractive commodity.

Meanwhile, the US dollar fell against the Euro in equally volatile trading, helping to support both WTI and Brent oil prices, which are priced in dollars.

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