Brent oil trading at $75 mark, takes lead from US economy

Brent oil prices are having a choppy ride on the market this week as steep falls in trading yesterday had Brent futures closing under the $75 mark, with investors eyeing high US oil supplies and a slowing US economy.

In London, Brent crude oil futures for October 2010 delivery was trading at $75.24, 07.15 GMT on the ICE Futures Exchange after closing under the $75 mark in trading on Tuesday.

US Oil Stocks Set to Grow Higher

Analysts are expecting today’s report from the US Energy Information Administration to show new additions to oil and fuel stockpiles, the new data is expected to show an 800,000 barrel increase in crude oil stockpiles.

US Unemployment Figures Set to Grow Higher

Monthly US unemployment figures due out on Friday will likely be the most influential data this week. The unemployment rate in the US is expected to rise to 9.6%, from 9.5% a month ago.

US Dollar Remains Strong for Now

Meanwhile, the ICE Dollar Index, which tracks the US dollar against a trade weighted basket of currencies including the euro, was little changed at 83.017 compared with 83.104.

Brent oil futures could see a fall back down to the sub $70 price range if stock markets take a big drop and drag commodities, including oil futures lower, however the US dollar will play a big part in Brent prices for the rest of 2010.