Brent oil firm over $91 amid strong ICE Dollar Index

Brent oil futures end the week’s trading session firm over $91 a barrel amid a strong US dollar, as seen by the ICE Dollar Index, which continues to hold out over 80.

Brent Oil Futures – Closing Price

Brent crude oil futures for February 2011 delivery ended the week at $91.67 on the ICE Futures Exchange, $1.12 a barrel higher than last week’s close of $90.55 a barrel.

Meanwhile, the ICE Dollar Index, which tracks the US dollar against six major world currencies rose to 80.362.

Euro Debt Concerns Lift US Dollar

The US dollar rallied today against most of the major currencies once again using its appeal as a safe haven currency. The rally started during the European trading session after Moody’s slashed Ireland’s credit rating by five notches at once, lowering it to Baa1 from Aa2, warning also that more downgrades might follow soon.

However, Brent oil prices rose on Friday despite the stronger dollar and amid improving world oil demand. Oil prices have also been lifted by the latest US data showing US crude oil reserves sank a massive 9.9 million barrels in the week to 10th December.

“Buoyed by a positive set of DoE statistics, oil prices consolidated further in their current range. The latest weekly data were extremely constructive all around.” analysts from Barclays Capital said in a report.