{"id":12210,"date":"2010-10-01T09:27:31","date_gmt":"2010-10-01T07:27:31","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12210\/brent-oil-flying-higher-hits-83-in-early-trading-friday\/"},"modified":"2010-10-01T09:27:31","modified_gmt":"2010-10-01T07:27:31","slug":"brent-oil-flying-higher-hits-83-in-early-trading-friday","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12210\/brent-oil-flying-higher-hits-83-in-early-trading-friday\/","title":{"rendered":"Brent oil flying higher, hits $83 in early trading Friday"},"content":{"rendered":"

ICE Brent oil futures are trading higher this morning with prices hitting $83 in early trading as bullish oil investors pile back into the black gold.<\/p>\n

In London, Brent crude oil futures for November 2010 delivery was trading at $83.04, 08.00 GMT on the ICE Futures Exchange, the highest level for Brent oil since May 2010.<\/p>\n

China Manufacturing Report Boosts Prices<\/strong><\/p>\n

Both Brent and WTI oil prices received a boost from this morning’s manufacturing report by China that eased concerns of a potential economic slowdown in the world’s second largest oil consumer.<\/p>\n

Later today the main market focus will be on the US Institute for Supply Management report on US manufacturing. Any return to stronger numbers or a better than expected set of figures could boost oil prices further.<\/p>\n

However, many analysts believe that crude oil futures maybe on a slippery slope above the $80 price range at the moment as a general glut in oil supplies remain.<\/p>\n

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