{"id":13042,"date":"2011-01-14T07:06:54","date_gmt":"2011-01-14T06:06:54","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13042\/brent-oil-trading-firm-over-98-ice-dollar-index-weakens\/"},"modified":"2011-01-14T07:06:54","modified_gmt":"2011-01-14T06:06:54","slug":"brent-oil-trading-firm-over-98-ice-dollar-index-weakens","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13042\/brent-oil-trading-firm-over-98-ice-dollar-index-weakens\/","title":{"rendered":"Brent oil trading firm over $98, ICE Dollar Index weakens"},"content":{"rendered":"

Brent oil prices open Friday’s trading session firm over $98 a barrel as attention turns back to weakness of the US dollar, as seen by recent falls on the ICE US Dollar Index.<\/p>\n

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

In London, Brent crude oil futures for February 2011 delivery was trading at $98.37 a barrel, 05.50 GMT this morning on the ICE Futures Exchange. The February Brent oil contract expires today.<\/p>\n

The ICE US Dollar Index, which tracks the US dollar against six major world currenices fell for a third straight day to 79.40, over one percent lower in currency trading on Thursday. Weakness of the US dollar is adding fuel to higher oil prices.<\/p>\n

$100 Brent Oil Price by Today’s Close?<\/strong><\/p>\n

Brent oil futures last traded above $100 a barrel on 1st October, 2008, the only year in which any front month oil futures benchmark has surpassed that level.<\/p>\n

Oil traders tend to cover their positions as monthly oil contracts expire, hence if Brent can add around $1.50 today, the $100 mark is in sight.<\/p>\n

Meanwhile, Libya’s top oil official on Thursday said oil prices at $100 a barrel would not harm the world economy and there is no need for OPEC to hold an emergency meeting or add supplies.<\/p>\n

\n
\"Digg<\/a><\/div>\n
\"Reddit<\/a><\/div>\n
\"Stumble<\/a><\/div>\n
\"Buzz<\/a><\/div>\n
\"Vote<\/a><\/div>\n
\"Share<\/a><\/div>\n
\"Bookmark<\/a><\/div>\n
\"Kick<\/a><\/div>\n
\"Shout<\/a><\/div>\n
\"Share<\/a><\/div>\n
\"Bookmark<\/a><\/div>\n
\"Post<\/a><\/div>\n
\"Google<\/a><\/div>\n<\/div>\n