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Crude oil prices open trading on Wednesday hovering around the $72 a barrel mark as the US dollar one again makes gains against the Euro and other major world currencies.

US Light crude oil futures for July delivery traded at $72.08 a barrel at 0611 GMT on the NYMEX, while in London, Brent crude oil futures for July delivery fell 46 cents to $72.25 a barrel on the ICE Futures Exchange.

The dollar index, which measures the US currency against a basket of six others, advanced 0.2% to 86.74, although the dollar was down 0.8% against the British pound at $1.466.

A stronger dollar versus the euro and other currencies weighs on oil prices as it makes the commodity much more expensive to buy for holders of other currencies. The euro is trading near a four-year low against the dollar, under pressure after the downgrade of Spain’s sovereign debt and the European Central Bank’s estimate of bank losses.

Asian stock markets opened lower on Wednesday which will probably have a negative effect on oil prices, yesterday the Dow Jones closed over one percent lower at 10,024.02.

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Posted under Oil Prices

Page added on May 11, 2010

Oil prices fell in trading on Tuesday in Asia as in currency markets, the euro weakened against the dollar with US Light crude oil futures for June trading at $76.41 a barrel at 0558 GMT on Tuesday.

Many crude oil traders are more keenly watching the euro zone crisis developments, amid expectations of continued euro v dollar volatility, said Koichi Murakami, a trader with broker Daiichi Shohin in Tokyo.

“The market does not think all the euro zone’s problems are over. With a bit more negative news, like another downgrade of a government bond, crude prices may test further lows,” Murakami said.

“The market sentiment is far from bright” despite Monday’s rebound, given that June Nymex crude “ended in floor trade far lower than the high of above $78 in electronic trading” marked earlier on the day, said Ken Hasegawa, an analyst with Newedge Japan.

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Posted under Oil Prices

Page added on May 20, 2010

Oil prices trading up, eyes on currencies euro & dollar

Oil prices rose in Asian trading on Thursday but sentiment remained weak as global investors look at the situation in Europe and watch the currency markets for changes in the euro and the US dollar.

The dollar index which tracks the US dollar unit against a trade weighted basket of six major currencies, rose to 86.461 from 86.094 late Wednesday.

Yesterday the euro rose more than 1% against the dollar and yen, recouping a steep drop that had extended into the early hours. Analysts attributed the rebound to traders reversing so called short bets that the euro would decline even further.

The eurozone fiscal crisis will continue to dominate the markets for now, and until a clearer picture of how austerity measures and government bans on short selling play out, the euro is likely to remain heavy across the board, weighing on oil prices.

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Posted under Oil Prices