{"id":12768,"date":"2010-12-15T09:02:17","date_gmt":"2010-12-15T08:02:17","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12768\/brent-oil-futures-trading-at-91-us-dollar-remains-firm\/"},"modified":"2010-12-15T09:02:17","modified_gmt":"2010-12-15T08:02:17","slug":"brent-oil-futures-trading-at-91-us-dollar-remains-firm","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12768\/brent-oil-futures-trading-at-91-us-dollar-remains-firm\/","title":{"rendered":"Brent oil futures trading at $91, US dollar remains firm"},"content":{"rendered":"

Brent oil futures open Wednesday’s trading session near $91 as both Brent and WTI oil prices remain at the mercy of the US dollar, which remains firm today in currency market trading.<\/p>\n

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

In London, Brent crude oil futures for January 2011 delivery was trading at $90.95 a barrel, 07.45 GMT on the ICE Futures Exchange.<\/p>\n

Meanwhile, the ICE Dollar Index, which tracks the US dollar against those of six major world currencies, climbed to 79.810 from 79.248 on Tuesday for a second day running.<\/p>\n

The US dollar has gained about 5% against the euro since the US Fed’s last meeting on 3rd November. The ICE Dollar Index is also up 5% (no surprise there).<\/p>\n

Many Fed critics complained that QE2, the program to purchase $600 billion in US bonds (or money printing), would create artificial demand for Treasuries in order to keep their prices up and rates low.<\/p>\n

That could further devalue the US dollar, which would be bad news even though a weaker greenback could benefit large US companies that do a big chunk of business abroad. That’s because there are larger concerns about how a weaker US dollar could lift already high oil prices and add to inflation pressures in the US.<\/p>\n

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