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Brent oil price trading around $74 on stronger US dollar
Published on December 23, 2009 by oilprices · No CommentsBrent oil price is trading around the $73 to $74 mark in Asia on Wednesday as markets reacted to a strengthening US dollar. Brent North Sea crude oil futures for February delivery gained a little to $73.61 in light trading before the Christmas holidays.
The oil market was not heavily affected by a decision from OPEC yesterday to keep its official crude oil output levels unchanged.
“Oil is just moving with the dollar,” said Ben Westmore, minerals and energy economist with the National Australia Bank in Melbourne. A stronger greenback would make dollar-priced crude less attractive to investors using weaker currencies.
Meanwhile on the NYMEX, Light crude oil futures for delivery in February traded at $74.63 a barrel at 0731 GMT, up 23 cents in the Globex electronic session.