Brent oil price ends week firm at $84, US dollar weakens

9 October 2010 9 October 2010

BonTrade

Brent oil prices ended Friday’s trading session over $84 a barrel as continued US dollar weakness boosts commodities appeal for investors.

In London, Brent crude oil futures for November 2010 delivery closed at $84.19 a barrel, up $0.41 on the closing price of $83.78 on Friday 1st October. The US Dollar Index fell back and closed at 77.29, the lowest level since January 18th 2010.

OPEC Meets to Discuss Oil Prices, Supply

Traders were meanwhile looking ahead to next week’s meeting of OPEC member countries in Vienna on Thursday 14th October.

“OPEC members will always have one eye on the rear view mirror. OPEC member countries will want to avoid a rapid increase in crude oil prices whilst the recovery is fragile as it might well tip the world’s economies back into recession.” said Rebecca Seabury, at British energy consultancy Inenco.

Analysts expect no change in OPEC oil output as the cartel’s twelve member countries appear happy with current oil prices.