Brent oil rollercoaster ride ahead as EU sets euro strategy

22 May 2010 22 May 2010

BonTrade

Brent oil prices ended another busy trading week with a rollercoaster session, during which prices fell another $5, leaving Brent crude oil futures around the $71 mark as the EU sets out a new euro strategy to combat recent eurozone debt issues.

Last night, European finance ministers agreed a strategy to overhaul the EU’s single currency rules, committing themselves to implement greater budgetary discipline by strengthening the euro’s Stability and Growth Pact.

They signed up to moves to reduce the huge disparities in economic efficiency across Europe, and within the eurozone in particular, and to introduce more effective economic governance.

Herman Van Rompuy, the European Council President, who chaired the meeting, confirmed that discussions over the next five months would work out the new detailed rules.

Commodity markets including WTI and Brent oil prices maybe in for a rollercoaster summer ahead as many investors are divided on future oil price direction.