Brent oil trading near $86 as ICE Dollar Index peaks

Brent oil prices open Wednesday’s trading session in positive ground over $86 a barrel as the US dollar dropped against other currencies, as seen by movements on the ICE Dollar Index.

Latest Brent Oil Price

In London, Brent crude oil futures for January 2011 delivery was trading at $86.44 a barrel, 07.30 GMT on the ICE Futures Exchange.

Meanwhile, the ICE Dollar Index, which tracks the US dollar against six major world currencies was 81.095 this morning, after closing yesterday at 81.271.

Oil prices got a boost from a fall in the US dollar and a small recovery in the euro that continues to face selling pressure amid concerns over sovereign debt issues in Europe.

Oil futures also found some support after yesterday’s losses in what is shaking out to be a choppy trading week with strong gains on Monday despite weaker stock markets and a stronger US dollar that surprised many.

“Oil prices have completed their break from the dollar and stock markets, when those two influences are bearish and they proved to us that they want to advance regardless of bearish influences.” said Peter Beutel at Cameron Hanover.