Brent oil price finally hits $90 for the first time in 2010

Brent oil prices have finally hit the $90 mark in trading in the last hour, which is the first time this year and the highest price for Brent crude in 2010.

Latest Brent Oil Price

In London, Brent crude oil futures for January 2011 delivery was trading at $90.02 a barrel, 17.55 GMT on the ICE Futures Exchange.

Meanwhile, the ICE Dollar Index, which tracks the US dollar against six other major world currencies was down around 0.5 percent at 80.30, adding to the surge higher for oil prices and other commodities.

It’s all About Europe and the Dollar, Shaping Oil Prices

Both Brent and WTI oil prices continue to take cues from recent issues regarding eurozone country debts and today the euro gained against the US dollar in volatile trading, boosted by reports the ECB was buying bonds. But uncertainty over the outlook for eurozone countries may keep the euro under pressure.

“In times like this, we actually think the best thing to do is not to chase short term moves.” said Bob Sinche at RBS in Stamford, Connecticut.

“The ECB’s extension of its emergency liquidity measures will help matters, but it is really the minimum of what was expected or hoped for by the markets.” said Howard Archer, a European Economist for IHS Global Insight.

“The US dollar’s drop is giving the market support. There’s an inverse correlation between the dollar and oil, and we’re seeing it at work today.” said Peter Beutel, president of Cameron Hanover.