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Brent oil prices ended the week’s trading around the $71 mark, sliding more than four percent lower as the US dollar Index hit a new high for 2010 and the Euro sank lower against most other currencies.

Brent crude oil futures ended at $71.71 a barrel on the ICE Futures Exchange.

The ICE Dollar Index, which tracks the greenback against the trade weighted basket of currencies, was at 88.225 from 87.240. The index tracked to its highest level since March 2009 as investors turned to the perceived safety of the US dollar.

“The next level for the euro I’ll look at is the October 2005 low at $1.18,” said Bruce Zaro, chief technical strategist at Delta Global Advisors. “Below that, you’ve got $1.09 in August of 2003. The trend has been confirmed negative on the euro and positive on the dollar.”

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Page added on May 10, 2010

US Light oil prices are trading back above $77 today from three month lows as commodities get a boost and gold prices hit the $1200 mark after the EU agreed to protect the bloc’s debt-stricken nations with a new EU debt fund.

US Light crude oil futures for June delivery was at $77.17 a barrel in Asian trading, after falling more than $11 or about 13 per cent last week.

Gold prices rose as high as $1210.35 per oz last week, and has its sights firmly set on the December 2009 record high of $1226.10 per oz, traders said.

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Page added on May 12, 2010

Light crude oil futures open trading on Wednesday and dipped under $76 as the oil fell for a second day on continued concerns that the European bailout is insufficient to end the region’s sovereign debt crisis.

US Light crude oil for June delivery dropped as much as 73 cents, or 1 percent, to $75.64 a barrel on the NYMEX.

Crude oil traders have been eyeing how the euro reacts after European policymakers unveiled a $1 trillion debt bailout package earlier this week.

Commodities priced in dollars, such as oil, become more expensive for investors holding euros as the US dollar strengthens.

Meanwhile, BofA Merrill Lynch Global Research analysts said in a note to investors that the currency effect on oil prices may be limited and that crude will top $100 at some point next year.

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Page added on May 20, 2010

Oil prices trading up, eyes on currencies euro & dollar

Oil prices rose in Asian trading on Thursday but sentiment remained weak as global investors look at the situation in Europe and watch the currency markets for changes in the euro and the US dollar.

The dollar index which tracks the US dollar unit against a trade weighted basket of six major currencies, rose to 86.461 from 86.094 late Wednesday.

Yesterday the euro rose more than 1% against the dollar and yen, recouping a steep drop that had extended into the early hours. Analysts attributed the rebound to traders reversing so called short bets that the euro would decline even further.

The eurozone fiscal crisis will continue to dominate the markets for now, and until a clearer picture of how austerity measures and government bans on short selling play out, the euro is likely to remain heavy across the board, weighing on oil prices.

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Page added on May 21, 2010

Oil prices are back in the $70 range in trading on Friday as investor concern a financial crisis in Europe could undermine the any recovery which hit global stock markets.

US Light crude oil futures for July delivery was down 50 cents to $70.30 a barrel at midday Friday Singapore time on the NYMEX, while in London, Brent crude oil futures for July was down 52 cents to $71.32 on the ICE Futures Exchange.

Stock markets in Asia fell sharply in early trading today after continuing stock market declines on Wall Street and in Europe.

Fears that the fragile economic recovery in the US might be threatened by the financial and political crisis in Europe gripped Wall Street on Thursday, sending the stock market into a sharp decline and leaving anxious traders wondering where the pain might stop.

The 376 point Dow Jones drop on Thursday punctuated what amounts to a slow motion crash that began in late April. The Dow has now plunged more than 1,000 points in a matter of weeks, marking what is known as a market correction.

As traders downgraded their forecasts for economic growth, the price of oil fell roughly eight percent in intraday trading, before recovering to end nearly 2 percent lower.

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