{"id":12154,"date":"2010-09-25T10:19:49","date_gmt":"2010-09-25T08:19:49","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12154\/brent-oil-price-finishes-near-79-on-weak-us-dollar-index\/"},"modified":"2010-09-25T10:19:49","modified_gmt":"2010-09-25T08:19:49","slug":"brent-oil-price-finishes-near-79-on-weak-us-dollar-index","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12154\/brent-oil-price-finishes-near-79-on-weak-us-dollar-index\/","title":{"rendered":"Brent oil price finishes near $79 on weak US Dollar Index"},"content":{"rendered":"

Brent oil futures are back near the $79 mark at the close of trading yesterday, with oil prices and commodities moving higher as the US Dollar Index gets hammered below 80 again.<\/p>\n

In London, Brent crude oil futures for November 2010 delivery closed the week at $78.87 on the ICE Futures Exchange, only slightly higher than last week’s close of $78.08.<\/p>\n

Meanwhile, Brent’s trading counterpart, WTI oil futures closed around four percent up on last week’s closing price and the spread between the two contracts slimmed two around $2.<\/p>\n

US Dollar Index Weak & back under the 80 Level<\/strong><\/p>\n

The ICE US Dollar Index, which tracks the US dollar against a trade weighted basket of currencies, was at 79.280 from 80.099, which is its lowest level since January 2010 and around 11 percent lower than recent levels.<\/p>\n

The US dollar looks weak and some analysts believe that the Dollar Index could move to the 75 mark before the end of October.<\/p>\n

Tracking the US Dollar Index remains one of the most important indications for price movements in Brent oil and WTI oil futures.<\/p>\n

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