Brent oil price ends week firm over $98 on weaker US dollar

15 January 2011 15 January 2011

BonTrade

Brent oil futures finish the week’s trading session firm over $98 a barrel as a weaker US dollar continues to add support both Brent and WTI oil prices.

Brent Oil Futures – Closing Price

Brent crude oil futures for February 2011 delivery ended the week’s trading session at $98.50 a barrel on the ICE Futures Exchange, which is a big $4.89 higher than the contract’s close last week at $93.61.

The February Brent oil futures contract closed yesterday.

Meanwhile, the The ICE US dollar index, which tracks the US dollar against six major world currencies, slipped lower on Friday to 79.06, while setting a low of 78.80 and a high of 79.41.

“After a solid week of aggressive dollar selling, there is a good reason for the market to ease off the gas and take a little bit of profit.” said currency strategist John Kicklighter.

$100 Oil Prices Looming?

Oil prices are fast approaching $100 a barrel for the first time sine 2008, at the end of a week which saw the crude oil market driven by Brent’s looming expiry, crude oil supply side worries and falling US reserves.

“It is because it’s the last day of trading for the February contract, and the market is rolling into March.” said VTB Capital analyst Andrey Kryuchenkov.