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Brent oil trading near $95 as US Dollar Index gains

Brent oil prices open Thursday’s trading session hovering at the $95 mark as the US Dollar Index climbs back over 80 in currency market trading.

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In London, Brent crude oil futures for February 2011 delivery was trading at $95.23 a barrel, 08.00 GMT this morning on the ICE Futures Exchange.

Meanwhile, the ICE US Dollar Index, which tracks the US dollar against six major world currencies was trading at 80.32 levels after a very strong US data released yesterday.

A stronger US dollar typically weighs on commodities including oil futures as they become more expensive for buyers using other currencies.

“The market is still see sawing. Overnight, the US jobs data and service sector data was all very positive. If the dollar strengthens we could see some liquidation of positions.” said Victor Shum, a senior principal at consultants Purvin & Gertz, Singapore.

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