Brent oil trading steady near $74 as WTI spread closes in

Brent oil futures are trading just below the $74 mark on Thursday as the spread between Brent and WTI Light oil price close back in for July’s contracts.

In trading, Brent crude oil futures for July delivery was at $73.92 midday Singapore time on the ICE Futures Exchange, while WTI Light crude oil futures for July delivery climbed as much as 75 cents to $73.23 a barrel on the NYMEX.

Oil prices have gained for a second day as investors took the view a drop below $70 a barrel made oil futures more attractive to buy. Meanwhile, the US dollar slipped from a four year high against the euro, bolstering the investment appeal of commodities.

“We’ve come off very sharply the last couple of weeks and that’s been attributable to a stronger dollar, widespread risk aversion and a global growth outlook which has been dented by sovereign debt issues in Europe,” said Toby Hassall, research analyst at CWA Global Markets Pty in Sydney.

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