Brent oil futures close week over $112 as US dollar firms
Brent oil futures close off Friday’s trading session up over $112 a barrel amid a stronger US dollar and a weaker euro, which fell near a record low against the Swiss franc as fears grow that Greece may need to once again restructure its national debt.
Brent crude oil futures for July 2011 delivery ended the week’s trading session at $112.43 a barrel on the ICE Futures Exchange yesterday evening, $1.58 lower than last week’s closing price of $114.01 a barrel.
The ICE US Dollar Index, which tracks the US dollar against six major world currencies, was at 75.626 from about 75.123 in late trading on Friday.
Currency markets continue to remain volatile, just like oil futures. A stronger US dollar helps to cap oil price gains. Meanwhile, debt problems in Greece and Spain are weighing on the euro, which can be seen by the strength in the Swiss franc, which hit another record high at 1.24250 euro per franc. The Swiss franc is seen as a safe haven currency.