Brent oil price trading over $93, at two year highs

Brent oil prices open today’s trading session firm over $93 a barrel, which is a two year record for the oil contract, boosted by a weaker US dollar and freezing weather in Europe.

Latest Brent Oil Price

In London, Brent crude oil futures for February 2011 delivery was trading at $93.37 per barrel, 05.45 GMT this morning on the ICE Futures Exchange.

Meanwhile, The ICE Dollar Index, which tracks the US dollar against six major world currencies moved lower in trading on Tuesday to test near term support level of 80.50. This morning the Index remains flat.

Brent Oil – Technical Buying?

“Brent oil remained strong and hit a two year high today, following cold weather conditions across Europe that increased the demand for oil. It seems that there is some technical buying in the oil market as we are approaching the year end.” said Sucden analyst Myrto Sokou.

“Brent has reached the $93 mark for the first time in 26 months. As trading volumes get thinner, we may well see erratic and rather incomprehensible price movements at times.” Commerzbank analyst Carsten Fritsch noted.