Brent oil futures open today’s trading session closer to $118 a barrel as the US dollar came off its highs and lower oil prices enticed buyers back to the oil futures market. Latest Brent Oil Price In London, Brent crude oil futures for August 2011 delivery was trading at $117.44 a barrel, 08.15 GMT this morning on the ICE Futures Exchange. Meanwhile, the US dollar remained firm in currency market trading, with the ICE US Dollar Index staying above over the 76 mark, at 76.175. The early part of yesterday’s trading session was dominated by a rising US dollar on fears of a spillover in the eurozone. Oil prices for both Brent and WTI contracts closed Tuesday’s session on a bullish note. Euro Debt Fears Hit Oil Prices Recent debt concerns over Greece and other eurozone countries have seen investors piling back into the US dollar, affecting oil prices and other commodities. But it seems that although the euro could fall further in this situation, oil prices are set to remain strong. “Fears seem to have gained substantial momentum that the current monetary crisis in Greece could spread to other EU member countries, most specifically Italy, which currently holds the highest sovereign debt ratio relative to its GDP in the euro zone after Greece.” analysts at JBC wrote in a note to clients.

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