{"id":11704,"date":"2010-08-02T15:36:52","date_gmt":"2010-08-02T13:36:52","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11704\/brent-oil-trading-over-80-european-markets-help-lift-prices\/"},"modified":"2010-08-02T15:36:52","modified_gmt":"2010-08-02T13:36:52","slug":"brent-oil-trading-over-80-european-markets-help-lift-prices","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11704\/brent-oil-trading-over-80-european-markets-help-lift-prices\/","title":{"rendered":"Brent oil trading over $80, European markets help lift prices"},"content":{"rendered":"

Brent oil prices are trading over the psychological $80 mark on Monday and are up over two percent as Asian and European stock markets rally and the US Dow Jones is set to follow suit.<\/p>\n

In London, Brent crude oil futures for September 2010 delivery broke through the $80 mark and was at $80.04 a barrel 14.00 GMT on the ICE Futures Exchange.<\/p>\n

Brent prices have had a strong start to the week which will please oil bulls, but what’s going on with the US dollar?<\/p>\n

The second half of 2010 could prove a difficult investor environment as the US dollar is loosing ground to most other important currencies, in the case of GBP sterling, which this morning rose to a five and a half month high against the dollar, at $1.5764.<\/p>\n

ICE Dollar Index down over 8 Percent Since June<\/strong><\/p>\n

The ICE US Dollar Index has dropped 8.3% off its early June high of 88.71 and looks like it has further to fall.<\/p>\n

Meanwhile, a new weather system nearing the south eastern Caribbean has a 90 percent chance of strengthening into a tropical depression, the National Hurricane Center said.<\/p>\n

With higher global stock markets, together with a weaker dollar and with the hurricane season at mid-flight, it’s easy to see how oil prices should move higher from here.<\/p>\n

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