Oil prices trading back near $75 amid ongoing Euro concerns

Crude oil prices are trading back near the $75 mark amid continued Euro debt concerns in Greece, Spain, Italy and Portugal, which continue to weaken the euro against most currencies including the US dollar. US Light crude oil futures for July delivery was at $74.55 a barrel at midday Singapore time in electronic trading on the NYMEX, while in London, Brent crude oil futures were at $74.60 on the ICE Futures Exchange. The euro fell against the US dollar yesterday on fresh worries over sovereign debt after the European Central Bank warned euro zone banks faced up to EUR 195 billion in a “second wave” of potential loan losses. EUR/USD hit 1.2246 during early Asian trade, a 3-day low; the pair subsequently consolidated around 1.2261, shedding 0.37%. “A Greek economic slowdown has minimal effect on global oil demand growth, and thus, the crude price seems oversold,” ANZ bank said in a report. “Nevertheless, continued uncertainty over the Eurozone will threaten investors’ confidence on risky assets and weigh on oil prices.” Euro in Greek tailspin, US dollar firms & oil prices holding out Oil prices trading range at $80 mark on US Dollar Index WTI oil price skids under $70 as US dollar firms up Brent oil price takes a hit in heavy trading, higher dollar Oil prices trading back down to $82 on stronger US dollar Oil prices trading down two percent on stronger US dollar Crude oil prices trading lower on stronger US dollar Oil prices trading steady around $80, stronger US dollar Light oil prices at $83 in early trading, US dollar dips Brent oil trading back at $85 as euro’s Greece rating junked Oil prices start week trading around $85 on weak US dollar Light oil price trading up as US dollar takes a knock Crude oil prices hit 2010 trading high on falling US dollar Oil prices trading higher on Monday amid weaker US dollar Oil prices trading steady, eyes on US dollar index Oil prices trading steady after Thursday loss, eyes on dollar Oil prices trading down two percent on stronger US dollar Brent oil trading lower on continued euro debt concerns Oil prices trading up, eyes on currencies euro & dollar US Light oil price trading down near $70 on strong dollar

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Oil prices trading back near $75 amid ongoing Euro concerns