{"id":10771,"date":"2010-05-05T09:00:03","date_gmt":"2010-05-05T07:00:03","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/10771\/brent-oil-price-takes-a-hit-in-heavy-trading-higher-dollar\/"},"modified":"2010-05-05T09:00:03","modified_gmt":"2010-05-05T07:00:03","slug":"brent-oil-price-takes-a-hit-in-heavy-trading-higher-dollar","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/10771\/brent-oil-price-takes-a-hit-in-heavy-trading-higher-dollar\/","title":{"rendered":"Brent oil price takes a hit in heavy trading, higher dollar"},"content":{"rendered":"

Brent oil prices took at hit in a heavy trading session on Tuesday, finishing the day down near $3.00 as investors took flight into the US dollar as fears that Greece’s debt woes could spread to other countries.<\/p>\n

Brent crude oil futures for June 2010 delivery is currently at $85.66 a barrel on the ICE Futures Exchange. The US dollar hit a 12 month high against the euro.<\/p>\n

“The bulk of oil selling seems to have been connected to a fresh round of risk repudiation that seems to have been tied directly to the Greek bailout – and its undercurrent of concern for Spain, Portugal and others.” said Peter Beutel, of trading advisory firm Cameron Hanover.<\/p>\n

Oil traders are also watching for confirmation from the US government that crude stocks in the US have continued to build, the data is out for release at 10:30 am ET today.<\/p>\n

Brent oil prices touched close to the $90 mark in the last few trading days, however oil futures prices seem to still have big direction shifts dependent on global stock markets, as seen in yesterday’s dip lower.<\/p>\n

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