Brent oil price firm over $76 and could trade higher

Brent oil prices are trading up today over $76 a barrel and could move higher as a mixed market suggests that oil futures could be undervalued.

In London, Brent crude oil futures for September 2010 delivery was trading at $76.61 a barrel, 08.00 GMT on the ICE Futures Exchange, a whole dollar higher than it’s counterpart, US WTI Light crude.

Brent crude oil futures pushed higher in trading yesterday but prices were muted relative to the strong gains in world stock markets.

Meanwhile, the discount on WTI Light crude oil futures for delivery in 2012 compared with ICE Brent futures could close again as the US government restricts deepwater drilling. The US could see four percent of its daily oil production disappear if US President Obama extends a six month ban on offshore drilling.

Crude oil shipments for 2012 have been cheaper on the NYMEX than Brent traded on London’s ICE Futures Exchange almost every day since April 2010 amid a surplus of WTI crude, the US benchmark blend.

In currency markets, the ICE Dollar Index, which tracks the US dollar against the currencies of six major US trading partners rose 0.2 percent to 82.362. A falling US dollar would help Brent oil prices leg up back to the $80 mark in the short term.

• Brent oil trading near $76 after dropping seven percent
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• Brent oil trading near $76, prices lower on grim US data
• Brent oil trading back near $75 on US Bernanke comments
• Brent oil trading past $77 as oil prices set to go higher
• Brent oil price gives up gains, trading back under $72
• Brent oil price closes the week trading at 18 month high
• Brent oil price surges in record trading, next stop $90?
• Brent oil trading near $75 and prices could head lower
• Brent oil trading higher, nearer $76 on a stronger Euro
• Brent oil trading back at $79 as Asian markets dip lower
• WTI oil price trading at $81 as investors turn bullish
• Brent oil skids back under $80 as US market turns bearish
• Oil trading at $82, hanging onto gains amid mixed markets
• Brent oil trading over $81 and prices could go higher
• Brent oil price trading over $78 on rising stock markets
• Oil trading difficult to predict, well why wouldn’t it be?
• Brent oil trading over $76, Shell posts big $4.5bn profit
• WTI oil trading closer to $80, follow US markets higher
• Brent oil trading over $76 as UK PM looks to protect BP

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Brent oil price firm over $76 and could trade higher