{"id":12223,"date":"2010-10-04T08:49:28","date_gmt":"2010-10-04T06:49:28","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12223\/brent-oil-price-steady-above-83-and-may-trade-higher\/"},"modified":"2010-10-04T08:49:28","modified_gmt":"2010-10-04T06:49:28","slug":"brent-oil-price-steady-above-83-and-may-trade-higher","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12223\/brent-oil-price-steady-above-83-and-may-trade-higher\/","title":{"rendered":"Brent oil price steady above $83 and may trade higher"},"content":{"rendered":"

Brent oil prices open the week’s trading session firm over $83 and may look higher as the US dollar remains weak, while global oil demand remains strong.<\/p>\n

In London, Brent crude oil futures for November 2010 delivery was trading at $83.66 a barrel, 07.30 GMT on the ICE Futures Exchange after big gains last week.<\/p>\n

“We have expectations of demand growth returning to the market. The current momentum built into oil futures may support pricing at this $80 plus level for a while but it remains a question whether it can be sustained over the longer-term.” said Victor Shum, an energy analyst at consultancy Purvin & Gertz in Singapore.<\/p>\n

\u201cFor the oil markets, putting a floor under inflation expectations and easing concerns about deflation is important and bullish for oil prices.\u201d said Mike Wittner, Societe Generale\u2019s head of oil market research.<\/p>\n

Meanwhile, the International Energy Agency said last Friday it anticipated upward pressure on oil prices in the second half of 2011 due to a projected decline in oil stocks.<\/p>\n

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