Brent oil price firm at $77 as Asian markets move higher

Brent oil prices are trading up early on Monday, firm around $77 a barrel as Asian stock markets get a boost from Friday’s market rally in the US and Europe and move higher.

In London, Brent crude oil futures for October 2010 delivery was trading at $76.65 a barrel, 07.45 GMT on the ICE Futures Exchange, while stock markets in Japan, Australia and China see positive territory.

But the optimism in markets could be short lived if new economic indicators show a slowdown in the US becoming entrenched, with indicators this week including data on US services, manufacturing and employment.

Brent Futures and The ICE Dollar Index

Meanwhile, the US dollar is slightly weaker on the currency markets, adding a little extra strength to oil prices. The ICE Dollar Index, which tracks the dollar against a trade weighted basket of currencies, was down 0.06% at 82.87.

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