{"id":12836,"date":"2010-12-23T08:59:32","date_gmt":"2010-12-23T07:59:32","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12836\/brent-oil-trading-firm-over-93-ice-dollar-index-supports\/"},"modified":"2010-12-23T08:59:32","modified_gmt":"2010-12-23T07:59:32","slug":"brent-oil-trading-firm-over-93-ice-dollar-index-supports","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12836\/brent-oil-trading-firm-over-93-ice-dollar-index-supports\/","title":{"rendered":"Brent oil trading firm over $93, ICE Dollar Index supports"},"content":{"rendered":"

Brent oil prices open today’s trading session firm over $93 a barrel as the holiday break nears, the ICE Dollar Index remains at 80 levels, which if anything, will support short term prices in oil and other commodities.<\/p>\n

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

In London, Brent crude oil futures for February 2011 delivery was trading at $93.72 a barrel, 07.45 GMT this morning on the ICE Futures Exchange.<\/p>\n

Meanwhile, the ICE US Dollar Index, which tracks the US dollar against six other major world currencies was at 80.72.<\/p>\n

ICE Dollar Index out of Steam?<\/strong><\/p>\n

The dollar has experienced a mixed performance against its primary currency rivals lately, however a break higher from 80 levels on the ICE Dollar Index seems difficult to achieve.<\/p>\n

There is a close relation between the Dollar Index and oil prices, as oil and other commodities are traded in US dollars. A stronger dollar makes commodities more expensive for buyers using other currencies.<\/p>\n

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