Brent oil futures are trading firm at the $76 to $77 price level in Asia today amid a rising US Dollar Index having little downward effect on the contract.
In London, Brent crude oil futures for October 2010 delivery was trading at $76.60, 08.00 GMT on the ICE Futures Exchange and Brent oil futures are trading almost $3 a barrel higher than it’s US counterpart, WTI oil on the NYMEX.
ICE Dollar Index Trades Higher
The ICE Dollar Index, which tracks the US dollar against a trade weighted basket of currencies, was up by 0.4 percent at 82.39.
Meanwhile, the UK stock market is expected to open lower this morning, with the FTSE 100 projected to drop 0.3% in early trade. Stock markets in Asia were also flat, or little changed in trading.
Brent oil prices have recently been following the lead of stock markets around the globe, together with changes in the value of the US dollar.