{"id":13077,"date":"2011-01-20T09:32:38","date_gmt":"2011-01-20T08:32:38","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13077\/brent-oil-price-trades-back-under-98-on-higher-us-dollar\/"},"modified":"2011-01-20T09:32:38","modified_gmt":"2011-01-20T08:32:38","slug":"brent-oil-price-trades-back-under-98-on-higher-us-dollar","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13077\/brent-oil-price-trades-back-under-98-on-higher-us-dollar\/","title":{"rendered":"Brent oil price trades back under $98 on higher US dollar"},"content":{"rendered":"

Brent oil futures open Thursday’s trading session back under $98 a barrel as the US dollar continues to dictate short term oil prices, as seen by movements on the ICE Dollar Index.<\/p>\n

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

In London, Brent crude oil futures for March 2011 delivery was trading at $97.62 a barrel, 08.25 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 78.92, after clawing back yesterday’s opening losses.<\/p>\n

Tight Oil Supplies in Europe<\/strong><\/p>\n

Brent oil futures fell just below $98 a barrel on a weaker euro although tight supplies of North Sea crude cargoes provided some support for the Brent contract. Crude oil traders said that Hetco, a trading firm, has control of thirty percent of February cargoes, giving it more influence over the spot market.<\/p>\n

“An ongoing upbeat view of China and improving conditions in developed markets should see all major commodities register substantial gains in 2011.” said Mark Pervan, head of commodity research at ANZ.<\/p>\n

Meanwhile, Goldman Sachs commodities trading risk has hit a near seven year low, suggesting the Wall Street giant has become less aggressive in taking advantage of surging oil prices.<\/p>\n

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