{"id":13049,"date":"2011-01-15T08:26:35","date_gmt":"2011-01-15T07:26:35","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13049\/brent-oil-price-ends-week-firm-over-98-on-weaker-us-dollar\/"},"modified":"2011-01-15T08:26:35","modified_gmt":"2011-01-15T07:26:35","slug":"brent-oil-price-ends-week-firm-over-98-on-weaker-us-dollar","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13049\/brent-oil-price-ends-week-firm-over-98-on-weaker-us-dollar\/","title":{"rendered":"Brent oil price ends week firm over $98 on weaker US dollar"},"content":{"rendered":"

Brent oil futures finish the week’s trading session firm over $98 a barrel as a weaker US dollar continues to add support both Brent and WTI oil prices.<\/p>\n

Brent Oil Futures \u2013 Closing Price<\/strong><\/p>\n

Brent crude oil futures for February 2011 delivery ended the week\u2019s trading session at $98.50 a barrel on the ICE Futures Exchange, which is a big $4.89 higher than the contract\u2019s close last week at $93.61.<\/p>\n

The February Brent oil futures contract closed yesterday.<\/p>\n

Meanwhile, the The ICE US dollar index, which tracks the US dollar against six major world currencies, slipped lower on Friday to 79.06, while setting a low of 78.80 and a high of 79.41.<\/p>\n

“After a solid week of aggressive dollar selling, there is a good reason for the market to ease off the gas and take a little bit of profit.” said currency strategist John Kicklighter.<\/p>\n

$100 Oil Prices Looming?<\/strong><\/p>\n

Oil prices are fast approaching $100 a barrel for the first time sine 2008, at the end of a week which saw the crude oil market driven by Brent’s looming expiry, crude oil supply side worries and falling US reserves.<\/p>\n

“It is because it\u2019s the last day of trading for the February contract, and the market is rolling into March.” said VTB Capital analyst Andrey Kryuchenkov.<\/p>\n

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