Brent oil price trading firm over $98 on weaker US dollar

13 January 2011 13 January 2011

BonTrade

Brent oil prices open Thursday’s trading session firm over $98 a barrel as a weaker US dollar added fuel to crude oil futures ascent back towards $100 a barrel.

Latest Brent Oil Price

In London, Brent crude oil futures for February 2011 delivery was trading at $98.34 a barrel, 07.45 GMT on the ICE Futures Exchange. The February 2011 Brent oil futures contract expires tomorrow.

Meanwhile, the ICE US Dollar Index, which tracks the US dollar against six major world currencies fell in foreign exchange trading yesterday and is at 80.27 this morning.

$100 Oil Prices Back in View

Oil futures first traded above $100 a barrel three years ago this month, and peaked at $147 a barrel in summer of 2008, before the financial crisis swept across the world.

Global crude oil demand this year is expected to hit a record 88.6 million barrels per day. Many traders and investors now believe there is a growing consensus that OPEC member countries are now comfortable with prices at $100 a barrel.