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Brent oil trading near $110, weaker US dollar fuels higher prices
Published on August 17, 2011 by oilprices · No CommentsBrent crude oil futures open Wednesday’s trading session near $110 a barrel as a weaker US dollar is helping prop up both Brent and WTI contracts, fueling higher oil prices into the Autumn.
Latest Brent Oil Price
In London, Brent crude oil futures for October 2011 delivery was trading at $109.69 a barrel, 07.45 GMT this morning on the ICE Futures Exchange. The September Brent contract expired yesterday.
ICE US Dollar Index
The ICE US Dollar Index, whichs tracks the US dollar against six major world currencies was trading at 74.055, down from yesterday’s close of 74.093.
Oil Price Forecast
Oil prices will revolve around $100 till the end of 2011, according to Kuwaiti oil expert Mohammed Shatti forecast, citing several factors including the drop of oil supplies from outside OPEC.
Shatti has estimated the increase in oil demand this year at 2.1 million barrel per day, citing global reports based on the forecasts of a slowdown in the pace of global economy growth during the second half of 2011.
He pointed out that all indicators show that OPEC production will remain unchanged in 2011, which means a reduction in demand for oil and continuing withdrawal from oil inventories by industrialised countries.
Tags: autumn, brent, contracts, crude, oil, oil futures, Oil Price Forecast, oil trading, prices, trading, US dollar