Oil prices hover around US$82

05-Aug-10
New York's main contract, light sweet crude for delivery in September is up at US$81.8, while Brent North Sea crude for September is at US$81.5. Oil prices are hovering around US$82 amid optimistic sentiment, a weakening dollar hurricane concerns in the US Gulf of Mexico. A weak greenback makes dollar-priced commodities cheaper for buyers using stronger currencies, and therefore tends to stimulate demand. The markets await Wednesday's weekly snapshot of US energy inventories as well as Friday's employment data – a key indicator for the economic health of the United States.
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