Brent crude oil price around $74 on Thursday trading

Published on October 15, 2009 by   ·   No Comments

Brent crude oil futures for November settlement rose as much as 76 cents, or 1 percent, to $73.86 a barrel on the London based ICE Futures Europe exchange. Note to traders: the November contract will expire Thursday.

World oil prices continued to trade higher in Asian trade Thursday mainly on hopes of increase in fuel demand and a weak dollar. Benchmark Brent crude oil prices have wavered mostly between $50 and $70 a barrel since May, with signs of an economic recovery emerging slowly.

But a plunge in the dollar convinced many investors to pump money into crude and other commodities including gold as a hedge against inflation. The US dollar slumped to a 14 month low against the euro on Wednesday.

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