Brent crude oil futures end this week’s shorter trading session at $116 a barrel after the latest US jobs data failed to impress and the US dollar once again slid lower, as seen by weakness in the ICE US Dollar Index.
Brent Oil Futures – Closing Price
Brent crude oil futures for July 2011 delivery ended the week’s trading session at $116.00 a barrel on the ICE Futures Exchange yesterday evening, $1.02 higher than last week’s closing price of $114.98 a barrel.
Dollar Index Falling Again
Meanwhile, the ICE US Dollar Index, which tracks the US dollar against six major world currencies slid 0.7 percent to 73.783 on a dismal week for fundamental data out of the US, highlighted by sharply worse than expected us jobs data.
A weaker US dollar tends to add fuel to higher oil prices which are priced in dollars, as the commodity becomes cheaper for buyers using other currencies.