Brent oil price trading higher on stronger Euro, US data

Brent crude oil prices are trading above $75 after the Euro made gains against the US dollar yesterday and the latest set of US inventory data showed a decline in US oil stocks.

Brent crude oil futures for July delivery was at $75.51 midday Singapore time on the ICE Futures Exchange.

The Euro is trading near a one week high against the US dollar and the Yen as concern waned that Europe’s debt crisis will derail global growth.

The Euro was also poised to end its longest stretch of weekly losses against the Yen as stocks advanced around the world, increasing demand for riskier assets including oil and other commodities.

Oil prices also reacted favorably to a report showing a decline in US oil inventories in the week to June 4th.

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Brent oil price trading higher on stronger Euro, US data