Brent oil futures open today’s trading session around $118 a barrel as the US dollar weakens further in currency markets, as seen by downward movements on the ICE US Dollar Index, pushing oil prices higher. Latest Brent Oil Price In London, Brent crude oil futures for September 2011 delivery was trading at $118.04 a barrel, 07.40 GMT this morning on the ICE Futures Exchange. US Dollar Index Weakens Meanwhile, the ICE US Dollar Index, which tracks the US dollar against six major world currencies was at 73.770 from yesterday’s closing rate of 74.254. The dollar is under attack from uncertainty over the US debt situation which has the potential to cause market panic. Oil Trading – Long Positions Oil traders raised their net long position in Brent crude oil futures and options in the week ended 19th July, according to ICE Futures Exchange. Traders and hedge funds, held a net long position of 91,162 contracts, up 11% from 81,785 contracts in the week before. The net long position is the difference between the number of long positions, or bets that Brent oil prices will rise, and short positions, or bets that prices will fall.

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