Brent oil price hangs at $80, big premium on WTI crude

Brent oil prices are hanging around the $80 mark in trading on Friday as Brent’s premium to WTI crude is at the highest level in nine months.

In London, Brent crude oil futures was trading slightly down by 34 cents to $79.77 on the ICE Futures Exchange.

“The price of oil is currently fighting a losing battle against the dollar and the equities markets,” said Mike Sander of Sander Capital.

Crude prices have fallen about 15 percent from early last week as the dollar gained amid a debt crisis in Europe. A stronger dollar makes oil more expensive for investors with other currencies.

June crude oil futures expire next week, so traders are dumping the contract to avoid the prospect, however unlikely, of having to accept physical crude deliveries at a point where there’s dwindling storage space.