ICE Brent crude oil trading up over $73 on Wednesday

Oil prices rose further in Asian trade on Wednesday with ICE Brent crude oil futures for November delivery advanced into the $73 dollar range. Expectations that the dollar will continue to languish against the euro and other major currencies will boost the crude market, analysts said.

“We expect a further fall of the US currency over the next two weeks,” said Dariusz Kowalczyk, chief investment strategist with SJS Markets financial services firm in Hong Kong.

Renewed hopes of better energy demand as the global economic recovery continues and the arrival of cold weather in the United States, the world’s largest oil user, also lent support to crude prices, they said. NYMEX light sweet crude for November delivery rose 70 cents to USD 74.85 a barrel.

Tags:  brent, crude oil trading, ICE