Brent oil trading near $111 as US dollar firms against euro

Brent oil futures open today’s trading session near $111 a barrel as the US dollar firms against the euro which continued to add downside pressure to crude oil prices.

Latest Brent Oil Price

In London, Brent crude oil futures for July 2011 delivery was trading at $110.71 a barrel, 08.20 GMT this morning on the ICE Futures Exchange. The June 2011 Brent oil contract expired on Monday.

US Demand Set to Weaken

Yesterday the IEA warned that US peak season fuel demand could drop 2% from a year ago under the weight of higher oil prices.

“We’re seeing some dollar strength against the euro and the gasoline market, which has given up unprecedented amounts, is weighing heavy on this.” said Peter Donovan, vice president at Vantage Trading.

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Brent oil trading near $111 as US dollar firms against euro