{"id":11709,"date":"2010-08-03T09:20:25","date_gmt":"2010-08-03T07:20:25","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11709\/brent-oil-trading-over-81-and-prices-could-go-higher\/"},"modified":"2010-08-03T09:20:25","modified_gmt":"2010-08-03T07:20:25","slug":"brent-oil-trading-over-81-and-prices-could-go-higher","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11709\/brent-oil-trading-over-81-and-prices-could-go-higher\/","title":{"rendered":"Brent oil trading over $81 and prices could go higher"},"content":{"rendered":"

Brent oil prices are trading over the $81 mark for the first time since April 2010 as oil and other commodities received a boost yesterday and many investors could be betting that prices may go higher still.<\/p>\n

In London, Brent crude oil futures for September 2010 delivery broke through the $81 mark and was at $81.04 a barrel, 07.45 GMT on the ICE Futures Exchange.<\/p>\n

Brent oil futures moved higher early Tuesday after breaking out of a tight trading range overnight, leading analysts and investors to talk up the chances of a run much higher ahead of key US jobs data later this week.<\/p>\n

“The more important oil price driver will be forthcoming at week’s end in the form of the monthly US employment report.” Ritterbusch and Associates said in a report.<\/p>\n

Will Oil Prices Hit Trading 2010 Highs Soon?<\/strong><\/p>\n

Meanwhile, Peter Beutel of trading advisory firm Cameron Hanover said the technical breakout of the $70 to $80 trading band meant oil prices now have a sound reason to advance on the 2010 highs of $87 a barrel.<\/p>\n

A weaker dollar also helped boost oil prices as a lower US dollar also makes commodities including oil cheaper for investors buying with with other currencies.<\/p>\n

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