{"id":10849,"date":"2010-05-14T21:21:52","date_gmt":"2010-05-14T19:21:52","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/10849\/brent-oil-price-dips-to-77-as-traders-close-long-positions\/"},"modified":"2010-05-14T21:21:52","modified_gmt":"2010-05-14T19:21:52","slug":"brent-oil-price-dips-to-77-as-traders-close-long-positions","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/10849\/brent-oil-price-dips-to-77-as-traders-close-long-positions\/","title":{"rendered":"Brent oil price dips to $77 as traders close long positions"},"content":{"rendered":"

Brent oil prices on the ICE Futures Exchange fell over $3 a barrel in trading on Friday, as a stronger US dollar was compounded by oil traders closing long positions ahead of the contract’s expiry later.<\/p>\n

Brent crude oil futures is currently trading at $77.18 a barrel, around $3 down on the day.<\/p>\n

June Brent is taking the brunt of the losses Friday as the euro slipped to a new 14 month low against the US dollar amid ongoing concerns over Southern Europe’s sovereign-debt woes.<\/p>\n

With the contract expiring later Friday, traders are closing their long positions, London based traders said. The June\/July Brent timespread has widened to around $1.80 a barrel Friday, up around $0.50 a barrel on Thursday.<\/p>\n

There were just over 90,000 open interest positions left on the June Brent contract Wednesday, the last day the ICE Exchange released volume before the expiry.<\/p>\n

“I am amazed people would have June Brent on today,” a London-based crude oil trader said.<\/p>\n

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