Brent oil prices closed off Thursday’s trading session back over $124 a barrel as the Easter holiday had traders covering their positions in oil futures, concerned about being caught out after the long weekend.<\/p>\n
Brent Oil Futures \u2013 Closing Price<\/strong><\/p>\n Brent crude oil futures for June 2011 delivery ended the week\u2019s trading session at $124.04 a barrel on the ICE Futures Exchange yesterday evening, $0.60 higher than last week\u2019s closing price of $123.44 a barrel. All main markets are closed today for the Easter holidays.<\/p>\n Uncertainty With Traders – Go Long<\/strong><\/p>\n “We went out on a strong note. Guys are not too crazy about going home short this weekend, because who knows what could happen.” said Peter Donovan, vice president of Vantage Trading, New York.<\/p>\n US Dollar Heads Lower – Oil Prices Gain<\/strong><\/p>\n Meanwhile, the US dollar had a tough time this week, as seen by downward movements in the ICE US Dollar Index. The ICE Dollar Index, which track the US dollar against six major world currencies ended the week back near 74, at levels not seen since the summer of 2008.<\/p>\n “The major component that oil traders are watching right now is the US dollar and the dollar is getting decimated.” said Rich Ilczyszyn, commodities broker at Lind-Waldock, New York.<\/p>\n A weaker US dollar is positive for oil prices and other commodities as it makes them cheaper for buyers using other currencies.<\/p>\n<\/p>\n