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WTI oil prices trading firmer on a weakening US dollar
Published on August 26, 2010 by oilprices · No CommentsWTI oil prices open trading on Thursday a little firmer as a weakening US dollar slipped against the euro for the first time in six days giving some support to oil and other commodities including gold bullion prices.
US Light crude oil futures for October 2010 delivery was trading at $72.60 a barrel, 07.45 GMT on the NYMEX.
NYMEX Oil Trading Volumes
Oil volume in electronic trading on the NYMEX was 545,695 contracts as of 3.32 PM in New York, with volume totaling 600,260 contracts yesterday, 1.9 percent below the average of the past three months.
“A group of investors follow the dollar’s movements. They see a falling dollar as a bellwether to higher oil prices.” said Peter Beutel of trading advisory company Cameron Hanover, Connecticut.
The US dollar, which slipped 0.3 percent to $1.2663 per euro, has gained a massive 12 percent against the euro in 2010. The ICE Dollar Index, which tracks the dollar against a trade weighted basket of currencies, was at 83.275.
Tags: commodities, dollar index, oil, oil prices, oil trading, price, trading, US dollar, WTI, wti oil price