Brent oil price hovers near $115, trading in line with US dollar

Brent oil prices open today’s trading session hovering near $115 a barrel and continues to trade in line with the US dollar, while some analysts turn bullish for oil prices going into the summer, where oil demand is at yearly highs.

Latest Brent Oil Price

In London, Brent crude oil futures for July 2011 delivery was trading at $115.26 a barrel, 07.30 GMT this morning on the ICE Futures Exchange.

Meanwhile, the ICE US Dollar Index, which track US dollar performance against six major world currencies, rose to 74.941 from 74.911 the previous session.

Middle East & Africa Unrest Continues

Brent oil prices have so far increased 22 percent this year as unrest in the Middle East and North Africa toppled leaders in Tunisia and Egypt and spread to Libya, Iran and Syria.

In Yemen, the death toll from an attack on protesters by security forces rose to 57, with more than 1,000 injured in the city of Taiz, al-Jazeera television reported yesterday.

Oil Prices Back to Positive?

“Heavy long liquidation has already happened in May. For the month of June, I think it’s quite positive.” said Tetsu Emori, a commodity fund manager at Astmax, Tokyo.

US Dollar Still Main Driver of Oil Prices

“US monetary policy will be a major focus from Tuesday as the US dollar is the sole factor amid dull US oil fundamentals. On the other hand, a sharp fall is unlikely too, because it would trigger OPEC to quickly cut production.” said Masaki Suematsu, a Newedge Japan trader.

Tags:  brent oil price, bullish, highs, oil, oil prices, prices, trade, trading, US dollar