Brent oil price flat near $92 in light holiday trading

20 December 2010 20 December 2010

BonTrade

Brent oil prices are trading flat near $92 a barrel early on Monday as this week’s trading session kicks off with thin volumes expected as the 2010 holiday season approaches.

Latest Brent Oil Price

In London, Brent crude oil futures for February 2010 delivery was trading at $91.87, 07.30 GMT this morning on the ICE Futures Exchange.

Traders Taking Early End to 2010

Many oil traders are taking the next two weeks off amid the year end holidays. Global crude oil markets are closed Friday for Christmas.

Meanwhile, analysts are still mulling whether this year’s strong global oil demand can carry over into 2011.

Emerging markets, led by China, have accounted for most of the growth in oil consumption this year as Europe slowly recovers from recession. Analysts also attributed oil’s climb on speculation the US economic recovery will strengthen in 2011 and boost crude oil demand.

“The positive demand shock has continued relentlessly. Oil prices will likely rise given the strength in underlying fundamentals and with macroeconomic sentiment continuing to improve.” Barclays Capital said in a report.