WTI oil price back at $75, stock markets trading lower

WTI crude oil prices open trading lower on Thursday around the $75 mark as US and global stock markets dip lower.

US WTI Light crude oil futures for August delivery fell to $75.29 a barrel at 07.45 GMT on the NYMEX as falling stock markets dragged down the confidence of crude oil investors.

“With global equities falling, the dollar holding strong, and the future uncertain, oil could easily drop in price,” Sander Capital Advisors said in a report. “One can easily make the argument that the price of oil should fall back below the $70 level.”

WTI crude prices for August 2010 delivery fell 31 cents to close yesterday’s trading session at $75.63 a barrel on the NYMEX, WTI oil prices have ranged between $75 and $78 a barrel for about a month.

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