Oil prices trading back around $85, Greece debts hit markets

Oil prices are trading lower on Thursday as European markets are hit by continued worries about Greece’s ability to finance its debts. In a busy trading session on Thursday afternoon, US Light crude oil futures for delivery in May, was down to $84.63 a barrel on the NYMEX, while in London, Brent crude oil futures for May delivery are trading at $84.51 on the ICE Futures Exchange. Greece needs to redeem some €20 billion in maturing bonds over the next two months and some investors have doubts that the Greek Government will find investors willing to put up enough new money to pay off the old debts. “The Greek situation had stabilised after the EU-IMF deal, but now it appears that Greece is not happy with it and is looking for other solutions, so we’re back to square one, and investors are jittery,” said David Thebault, head of quantitative sales trading at Global Equities in Paris. Each time Greece’s financial situation has flared up this year, investors have responded by removing assets from riskier markets, such as oil futures and other commodities and equities, in favor of the US dollar which strengthened to $1.3321 recently against the euro, from $1.3348 earlier. Oil prices trading up 3 percent on a falling US dollar Oil prices trading range at $80 mark on US Dollar Index Crude oil prices gain as traders eye global stock markets Oil prices trading negative on profit taking, stock markets Oil prices trading down two percent on stronger US dollar Oil prices trading steady around $80, stronger US dollar Oil prices trading steady, awaits US crude inventory data Brent oil price hovers under $77 on higher dollar, markets Oil prices trading steady as US dollar makes gains Oil prices trading back over $80 mark on higher markets Oil prices trading higher, maybe closing in on $80 mark Oil prices trading higher on Iran, Asian stock markets up US Light oil prices trading near $75, investors eye US dollar Oil prices & commodities trading higher, US dollar slides Higher US dollar sends oil prices back to $70 range Oil prices trading down five percent on European debt, dollar Brent oil price trading around $76 on lower markets Oil prices trading at $78 as major Asian markets fall Crude oil prices start 2010 trading around the $80 mark Oil prices trading firm on US data, homing in on $90 barrel

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Oil prices trading back around $85, Greece debts hit markets