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Brent oil price holds firm at $118 on weaker US dollar

Brent oil futures open today’s trading session firm at $118 a barrel as a weaker US dollar keeps oil prices in bullish territory, as seen by movements in the ICE US Dollar Index.

Latest Brent Oil Price

In London, Brent crude oil futures for September 2011 delivery was trading at $118.22 a barrel, 08.25 GMT this morning on the ICE Futures Exchange.

Brent oil prices dropped to a low of $117.57 a barrel before recovering to trade up 15 cents at $118.30 a barrel by 06.15 GMT. It touched a peak of $118.46 earlier.

Euro Summit Looms

Meanwhile, the US dollar dipped against a range of major currencies and the ICE US Dollar Index traded down 0.4 percent to 75.09 on positive expectations of a meeting of euro officials in Brussels today to agree terms over Greece’s newest debt rescue plans.

“We have the euro summit tonight and there’s a good sentiment flying out of that between Germany and France. If we get some good dialogue, then certainly oil traders will focus on that.” said Ben Le Brun of CMC Markets.


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