Brent oil trading near $98, oil futures bull market continues

12 January 2011 12 January 2011

BonTrade

Brent oil prices open Wednesday’s trading session near $98 a barrel as investors and traders continue to drive oil futures closer to $100 a barrel and oil futures remain bullish.

Brent oil futures are currently trading at a $7 premium to it’s counterpart, US WTI NYMEX oil futures.

Latest Brent Oil Price

In London, Brent crude oil futures for February 2011 delivery was trading at $97.72 a barrel, 07.45 GMT this morning on the ICE Futures Exchange.

Meanwhile, the ICE US Dollar Index, which tracks the US dollar against six major world currencies, was down 0.2 percent to 80.71, adding fuel to higher oil and commodity prices.

EIA’s Monthly Oil Report is Grim Reading

The US EIA released their monthly oil report yesterday which clearly suggests that there are several significant uncertainties that could push oil prices higher. Some possibilities include OPEC not increasing oil production as crude oil demand recovers and global oil supply falling lower.

With oil demand set to reach record highs again in 2011, it surely is only a matter of day’s before Brent oil prices break through the $100 marker.