{"id":10011,"date":"2010-03-04T08:57:28","date_gmt":"2010-03-04T07:57:28","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/10011\/brent-oil-price-trading-near-80-on-greece-us-data\/"},"modified":"2010-03-04T08:57:28","modified_gmt":"2010-03-04T07:57:28","slug":"brent-oil-price-trading-near-80-on-greece-us-data","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/10011\/brent-oil-price-trading-near-80-on-greece-us-data\/","title":{"rendered":"Brent oil price trading near $80 on Greece, US data"},"content":{"rendered":"

Brent oil prices are trading near the $80 mark on Thursday as Greece’s latest budget balancing pledges yesterday helped restore some appetite for risk, boosting the euro against the US dollar and helping oil prices shoot higher.<\/p>\n

Also, US Light oil futures was trading near seven week highs of around $81 this morning as US demand edged up with a recovering economy.<\/p>\n

“The oil market will trade in a range of $75 to $85 at least for the next two months, and it will possibly go above $85 by the middle of this year, depending on economic recovery,” said Ken Hasegawa, a commodity derivatives manager at brokerage Newedge in Japan.<\/p>\n

The US dollar had fallen against the euro on Wednesday as concerns eased about deficits in European countries. A weaker US dollar tends to support oil prices, making dollar denominated commodities cheaper for other currency holders.<\/p>\n

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