Brent oil price trading near $76 mark on higher Euro

Brent oil prices are trading up near the $76 mark on Tuesday afternoon as a stronger Euro and boosting the appeal of buying commodities including crude oil.

In London, Brent crude oil futures for July delivery climbed 1.2 percent to $76.09 a barrel on the Futures Europe Exchange.

The euro strengthened to $1.2275, up 0.4 percent from $1.2221 yesterday. The currency touched $1.1877 on June 7, the lowest level since March 2006, on concern that the debt crisis in Greece will spread to other countries in the region.

“The euro continued to add to its recovery rally as risk flows proved positive,” said Boris Schlossberg, director of currency research at GFT.

Oil traders could further reverse short bets that the euro would fall more “on the assumption that the euro-zone economy may be stabilizing and the risk of fragmentation for the 16 member union is beginning to dissipate,” he said.