{"id":12236,"date":"2010-10-05T08:45:44","date_gmt":"2010-10-05T06:45:44","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12236\/brent-oil-price-trading-firm-over-83-amid-stronger-dollar\/"},"modified":"2010-10-05T08:45:44","modified_gmt":"2010-10-05T06:45:44","slug":"brent-oil-price-trading-firm-over-83-amid-stronger-dollar","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12236\/brent-oil-price-trading-firm-over-83-amid-stronger-dollar\/","title":{"rendered":"Brent oil price trading firm over $83 amid stronger dollar"},"content":{"rendered":"

Brent oil prices open Tuesday’s trading session firm over $83 a barrel although the US dollar found some strength yesterday, which had little impact on oil prices.<\/p>\n

In London, Brent crude oil futures for November 2010 delivery was trading at $83.47, 07.40 GMT on the ICE Futures Exchange.<\/p>\n

A stronger US dollar means oil producers are going to get paid more per barrel when the price is converted back into their own currencies. It\u2019s a fairly straight trade off that takes the steam out of oil prices, when the dollar goes up, oil prices usually head lower.<\/p>\n

A weaker dollar has provided oil prices with momentum in recent weeks, and brent oil futures hit $84 in trading yesterday.<\/p>\n

ICE Dollar Index Edges Higher<\/strong><\/p>\n

The oversold ICE Dollar Index found support at the 78 handle and rose to 78.43. Longer term, the Dollar Index has completed a large head and shoulders patter and is looking like it’s heading for a drop further back down to the 70’s level.<\/p>\n

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