Brent oil price back near $72 amid mixed market data

Brent oil prices are trading back near the $72 mark early on Thursday amid mixed market data and volatile global stock markets.

Brent crude oil futures for July delivery traded up to $71.97 midday Singapore time on the ICE Futures Exchange.

“Oil will largely follow equity markets,” said Ben Westmore, a commodities analyst at National Australia Bank. “They are probably the foremost gauge about where confidence is at the moment.”

Oil prices had earlier declined after a Wednesday report signaling China may shed European assets fed investor concerns that the European debt crisis could reverse the global economic recovery.

The dollar was at $1.2279 per euro at 12:55 p.m. in Singapore, from $1.2178 yesterday in New York. Brent oil prices have dropped eighteen percent since May 3rd as Europe’s debt crisis raised concern over growth and the future of the region’s single currency.