Brent crude oil trading at $113 as US dollar remains strong

Brent crude oil futures open today’s trading session hovering near $113 a barrel as an uncertain market takes some direction from the US dollar, which remains stronger on debt concerns in Europe.

Latest Brent Oil Price

In London, Brent crude oil futures for August 2011 delivery was trading at $113.14 a barrel, 06.15 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 higher, at 75.455, from yesterday’s close of 74.931. A stronger US dollar makes oil futures more expensive for buyers using other currencies.

Europe – Debt Concerns

The stability of the euro has been thrown into doubt by the Greek debt crisis, as investors fear that a default by Athens would have huge repercussions throughout Europe’s financial sector. This is pushing the euro lower, and the US dollar is making gains, capping oil prices in the short term.

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Brent crude oil trading at $113 as US dollar remains strong