{"id":12892,"date":"2010-12-30T08:37:29","date_gmt":"2010-12-30T07:37:29","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12892\/brent-oil-price-holds-over-94-on-weaker-ice-dollar-index\/"},"modified":"2010-12-30T08:37:29","modified_gmt":"2010-12-30T07:37:29","slug":"brent-oil-price-holds-over-94-on-weaker-ice-dollar-index","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12892\/brent-oil-price-holds-over-94-on-weaker-ice-dollar-index\/","title":{"rendered":"Brent oil price holds over $94 on weaker ICE Dollar Index"},"content":{"rendered":"

Brent oil futures are holding over $94 a barrel in the last trading session of 2010, mainly on a weaker ICE US Dollar Index which has slipped back under the 80 mark and oil prices maybe poised for a bullish start to 2011.<\/p>\n

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

In London, Brent crude oil futures for February 2011 delivery was trading at $94.26 a barrel, 07.20 GMT this morning on the ICE Futures Exchange.<\/p>\n

Meanwhile, the ICE US Dollar Index, which tracks the US dollar against six major world currencies, was at 79.685 from 79.774.<\/p>\n

Oil Market Seems Bullish<\/strong><\/p>\n

“It’s choppy, low volume during this holiday week, but the market seems resilient and it looks like it wants to trade higher.” said Tony Rosado, broker with GA Global Markets.<\/p>\n

“We’re seeing light long liquidation before the end of the year, a day after crude oil showed amazing resilience, switching courses in the middle of the stream.” said Peter Beutel, president of energy consulting firm Cameron Hanover.<\/p>\n

“The oil market continues to alternate small gains with small declines, as prices idle quietly on light between-holiday volume.” said Timothy Evans, energy analyst at Citi Futures Perspective.<\/p>\n

US Dollars & Oil Prices – 2011<\/strong><\/p>\n

The price of both Brent and WTI oil in 2011 will remain at the mercy of the US dollar. A weaker US dollar typically lifts oil prices as it lowers the value of dollars paid to producers, while making it less expensive to buy in other currencies.<\/p>\n

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