{"id":13107,"date":"2011-01-24T07:54:24","date_gmt":"2011-01-24T06:54:24","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13107\/brent-oil-trading-firm-at-98-a-barrel-on-weaker-us-dollar\/"},"modified":"2011-01-24T07:54:24","modified_gmt":"2011-01-24T06:54:24","slug":"brent-oil-trading-firm-at-98-a-barrel-on-weaker-us-dollar","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13107\/brent-oil-trading-firm-at-98-a-barrel-on-weaker-us-dollar\/","title":{"rendered":"Brent oil trading firm at $98 a barrel on weaker US dollar"},"content":{"rendered":"

Brent oil prices open Monday’s trading session higher, back over $98 a barrel as the US dollar continues to be one of the main drivers of commodity prices, including oil futures.<\/p>\n

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

In London, Brent crude oil futures for March 2011 delivery was trading at $98.12 a barrel, 06.30 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 up 0.1 percent at 78.295 points. A weaker US dollar tends to add fuel to higher oil prices, as oil gets cheaper for buyers trading in other currencies.<\/p>\n

$100 Oil – Just Around the Corner?<\/strong><\/p>\n

Oil prices first hit $100 in January 2008 and peaked at $147 in July 2008. ICE Brent’s premium to it’s US counterpart, WTI crude reached $8.59 intraday on Friday, its highest since February 2009, mainly on tighter North Sea crude oil supplies and strong emerging market demand.<\/p>\n

Brent oil prices could tip over the $100 this week.<\/p>\n

“We don’t see any tightness in the oil market at the moment.” said Peter Beutel, president of US trading advisory firm Cameron Hanover in a note late Friday.<\/p>\n

“Although the Western economies have been slowing, oil demand from other developing nations is still very strong so I wouldn\u2019t be at all surprised if we do see some furthering strengthening to oil prices.” said Justin Urquhart Stewart of Seven Investment Management.<\/p>\n

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