Brent oil price trading back at $110 on stronger US dollar

Brent crude oil prices open today’s trading session back near $110 a barrel as the US dollar once again shows some strength, as seen by the ICE US Dollar Index moving back over the 76 mark, mainly on a weaker euro.

Latest Brent Oil Price

In London, Brent crude oil futures for July 2011 delivery was trading at $109.95 a barrel, 08.35 GMT this morning on the ICE Futures Exchange.

Meanwhile, the ICE US Dollar Index moved higher to 76.14 in early trading on the currency markets, re-taking back some of the dollar’s January to May slide.

A stronger US dollar will have downward pressure for crude oil prices and other commodities as it makes US dollar traded commodities more expensive for buyers using other currencies.

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Brent oil price trading back at $110 on stronger US dollar