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Brent oil price back near $80 in end of year trading
Published on December 29, 2009 by oilprices · No CommentsBrent crude oil prices are trading higher around $77 a barrel on the ICE Futures exchange on Tuesday, while US Light oil prices were trading at $78.66 a barrel at midday Bangkok time in electronic trading on the NYMEX as an extended cold snap in the US triggered an year end rally in oil prices.
Analysts say US Light and brent oil prices could rise back above $80 before the end of the year if US inventories figures later this week show adrop in stockpiles, which would suggest improving demand in the world’s largest economy.
Providing a negative cue for oil in Asia was a mild sell-off in stock markets, sometimes a barometer for oil traders of confidence in the economy and a stronger US dollar. Brent oil, which is traded in US dollars, often moves in the opposite direction to the currency.