Brent oil price hangs at $107, trading spread back at records

Brent oil prices open today’s trading session hanging at $107 a barrel as the spread between Brent and US WTI oil futures contracts lands back at record levels, over $23 as market uncertainty has traders and investors on edge over short term oil price direction.

Latest Brent Oil Price

In London, Brent crude oil futures for September 2011 delivery was trading at $107.37 a barrel, 07.50 GMT this morning in electronic trading on the ICE Futures Exchange.

The Brent to WTI spread narrowed from Wednesday’s record settlement of $23.79 in favour of Brent to $23.33 by midday on Thursday, however the spread remains firmly over the $20 mark.

ICE US Dollar Index

Meanwhile, the ICE US Dollar Index, which tracks the US dollar against six major world currencies held firm around 74.8000 in early trading on Friday. A stronger US dollar tends to cap oil price gains as oil futures become more expensive for buyers using other currencies.

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Brent oil price hangs at $107, trading spread back at records