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US Light oil price trading lower on US jobs, dollar
Published on February 25, 2010 by oilprices · No CommentsUS Light oil prices fell over two percent on Thursday and are currently trading just above the $78 mark after a disappointing US jobless claims report and as the dollar strengthened against the euro and other currencies. The number of workers filing for jobless benefits in the US rose last week.
On the NYMEX at 9:54 am EST (1454 GMT), April Light crude oil futures was down $1.85, or 2.31 percent, at $78.15 a barrel, trading from $77.61 to $80.32.
The euro neared a nine-month low against the dollar and hit a one-year low versus the yen. Concerns about Greece intensified after ratings agency Standard and Poor’s said late on Wednesday it may cut Greece’s rating by one or two notches within a month.
“Crude and products futures declined in light overnight trading, following global equities lower and buoyed by a stronger dollar,” Addison Armstrong, analyst at Tradition Energy in Stamford, Connecticut, said in a note.