{"id":13149,"date":"2011-01-28T09:18:34","date_gmt":"2011-01-28T08:18:34","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13149\/brent-oil-price-trades-firm-at-98-weak-us-dollar-supports\/"},"modified":"2011-01-28T09:18:34","modified_gmt":"2011-01-28T08:18:34","slug":"brent-oil-price-trades-firm-at-98-weak-us-dollar-supports","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13149\/brent-oil-price-trades-firm-at-98-weak-us-dollar-supports\/","title":{"rendered":"Brent oil price trades firm at $98, weak US dollar supports"},"content":{"rendered":"

Brent oil futures open Friday’s trading session back near $98 a barrel as a weaker US dollar helped push the Brent contract back near $100, as seen by movements on the ICE US Dollar Index.<\/p>\n

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

In London, Brent crude oil futures for March 2011 delivery was trading at $97.94 a barrel, 08.00 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 failed to gain much strength and is currently at 77.707 from 77.776.<\/p>\n

Brent Oil and WTI Spread<\/strong><\/p>\n

Current price differences between Europe’s Brent and the US WTI oil contracts have reached a record, with Brent oil futures now trading around a $12 premium to US WTI.<\/p>\n

“Speculative money flows appear to be gravitating away from the WTI market and toward Brent.” said Jim Ritterbusch, president of Ritterbusch & Associates.<\/p>\n

Either way, oil prices are sure to remain bullish, it’s more of a question of whether Brent oil is overpriced, or, if WTI is undervalued.<\/p>\n

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