Brent oil price trades near $76, Dollar Index spins lower

Brent oil prices open the week’s trading around the $76 mark as the US Dollar Index spins lower giving some support to oil prices.

In London, Brent crude oil futures for October 2010 delivery was at $76.58, 06.45 GMT on the ICE Futures Exchange, little changed on the opening price of $76.55.

Meanwhile, the ICE Dollar Index, which tracks the US dollar against a trade weighted basket of currencies, was at 82.032 from 82.451.

In a closely watched report, the Labor Department said Friday that the US economy lost 54,000 jobs last month, a better figure than expected, as US unemployment rate climbed to 9.6 percent, its highest level since May 2010.

“The employment data made the US dollar rise and then fall.” said Mizuho Corporate Bank market economist Daisuke Karakama.

The US dollar traded near a two week low versus the euro today as data suggested the economic recovery is on track in the US and Europe, curbing demand for the US dollar as a refuge. The dollar dropped to $1.2904 per euro, the weakest since August 19th.

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