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Brent oil price hovers around $75, US dollar makes gains
Published on February 18, 2010 by oilprices · No CommentsBrent crude oil futures lost 36 cents to $75.91 a barrel in early trading on Thursday as the US dollar rose to near nine month highs on the euro.
“The US dollar has rebounded, as it was pretty much oversold previously. All the commodities went up on Tuesday evening, but a lot of them took a nosedive.” said Peter McGuire, managing director of Commodity Warrants Australia in Sydney.
The US Dollar Index rose about 0.2 percent against a basket of currencies to near seven month highs, making crude oil and other commodities more expensive for holders of other currencies.
“We’re tracking the dollar,” said Ray Carbone, president of Paramount Options Inc. in New York and a trader at the NYMEX. “What’s going on with the euro zone is going to dent demand significantly. It’s really about global demand and what can happen to it if the euro zone implodes.”
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