Brent oil prices end a largely bullish trading week firm at $118 a barrel amid a stronger US dollar, as seen by a higher Dollar Index, which typically weighs on commodities including oil futures.
Brent Oil Futures – Closing Price
Brent crude oil futures for July 2011 delivery ended the week’s trading session at $118.50 a barrel on the ICE Futures Exchange yesterday evening, $2.50 higher than last week’s closing price of $116.00 a barrel. Brent oil prices rallied as high as $120.07 in early Asian trade on Friday, breaching $120 for the first time since 5th May.
Meanwhile, the ICE US Dollar Index, which tracks the dollar against six major world currencies closed yesterday’s trading session at 74.834 from 74.150 at open.
Record ICE Dollar Trades
The ICE Futures exchange on Friday reported a record daily volume in the ICE US Dollar Index futures contract of 81,814 contracts for 9th June, 2011. The value of contracts traded was just over $6 billion. The previous daily volume record of 77,811 contracts was established on 12th March, 2010.