Brent oil price firm near $94 in light holiday trading

29 December 2010 29 December 2010

BonTrade

Brent oil prices remain firm near $94 a barrel today as the last week of 2010 has seen very light trading, although for most, 2011 could mark the start of higher petrol and fuel costs.

Latest Brent Oil Price

In London, Brent crude oil futures for February 2011 delivery was trading at $94.21 a barrel, 08.00 GMT on the ICE Futures Exchange.

Drivers, Get Ready For 2011

Oil trading volume is expected to spike in the first few weeks of 2011 and the ability of oil prices to shrug off negative economic data from around the world adds to the view that crude oil futures are well supported and destined to rise early next month.

Higher oil prices are now starting to filter through to prices of petrol and diesel at filling stations in Europe and the US.

Fuel Costs to Spiral Higher?

The cost to fill up a car with fuel around the world is on the rise. In the UK, the motoring organisation AA said oil price rises will add £104 a year to the fuel bill of a two car family, adding it was “absolutely horrible news for motorists.”

UK drivers face paying £1.30 a litre next month with a rise in fuel duty and surge in petrol prices as well as the UK’s VAT rise to 20%.

Meanwhile in the US, gas prices rose 7 cents over the past week to an average of $3.05 a gallon, the highest since October 2008, according to the US Energy Department.