{"id":12584,"date":"2010-11-23T08:47:30","date_gmt":"2010-11-23T07:47:30","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12584\/brent-oil-price-hovers-at-83-on-stronger-us-dollar\/"},"modified":"2010-11-23T08:47:30","modified_gmt":"2010-11-23T07:47:30","slug":"brent-oil-price-hovers-at-83-on-stronger-us-dollar","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12584\/brent-oil-price-hovers-at-83-on-stronger-us-dollar\/","title":{"rendered":"Brent oil price hovers at $83 on stronger US dollar"},"content":{"rendered":"

Brent oil futures are trading around the $83 mark early this morning as investors flee the euro currency and the US dollar is once again the main beneficiary, sending oil prices and other commodities lower.<\/p>\n

Latest Brent Oil Price<\/strong><\/p>\n

In London, Brent crude oil futures for January 2011 delivery was at $83.38 a barrel, 07.30 GMT this morning on the ICE Futures Exchange.<\/p>\n

Meanwhile, the ICE Dollar Index, which tracks the US dollar against a trade weighted basket of six major world currencies increased to 0.15% to 78.80 and touched a high of 78.94.<\/p>\n

European Markets On Edge<\/strong><\/p>\n

Oil prices have declined mainly by the EU and IMF’s decision to bailout Ireland and investors are concerned that the bailout would result in a downgrade to Ireland’s credit rating.<\/p>\n

European markets remain on edge this morning as the spotlight may soon shine on Portugal’s own debt concerns, and that it may too require a similar bailout from the EU.<\/p>\n

“The problems that pushed Ireland to ask for help could be part of a larger contagion that could touch a number of EU countries. This concern manifested itself as a stronger dollar, which led to selling in oil futures.” commented Peter Beutel of Cameron Hanover.<\/p>\n

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