Brent oil futures dip near $74, a six week trading low

Brent oil futures end this week back near the $74 mark, which is a six week trading low as stock markets fall and the US dollar gains more strength in currency markets.

In London, Brent crude oil futures for September 2010 delivery ended the week’s trading session at $74.45 on the ICE Futures Exchange, down around $4 is week alone.

Both WTI and Brent oil futures lost out Friday for the third straight trading session amid worries that weakening growth in the US could place downward pressure on oil demand. Lower oil futures is good news for petrol prices at the pump and it maybe the case that oil falls again next week as the holiday season comes to a close.

Meanwhile, the euro was recently down 1% against the US dollar after downbeat comments from the European Central Bank and a downgrade of the French government’s 2011 growth forecast.

Brent oil prices have fallen for ten of the past twelve trading sessions, down from a high above $82 last week as weak US, Asian and European economic reports left oil traders worried about future crude demand.

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