Light oil price near $81 in busy market trading

The NYMEX Light oil price dropped to near $81 a barrel in trading on Tuesday in Asia, losing a little momentum although the market is seeing alot of activity and many analysts see prices going higher.

US Light crude oil futures for April delivery was down 68 cents to $81.19 a barrel at late afternoon Singapore time in electronic trading on the NYMEX, while in London, Brent crude oil futures was down 69 cents at $79.78 on the ICE Futures Exchange.

“The financial flow may soon send prices to $85, even if that’s not justified by physical demand,” said Kyle Cooper, a managing director at energy consultant IAF Advisors in Houston. “You’re seeing a lot of money move into the market.”

Oil has advanced 80 percent over the past year, greater than the Dow Jones Industrial Average’s 59 percent increase. Futures traded in a $1.66 range today, drifting between gains and losses, as equities and the dollar fluctuated.

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