Brent oil prices trading near $80 as stock markets jump
BonTradeBrent oil prices open the week’s trading up over two percent and are closing in on the $80 mark as Asian and European stock markets jump higher.
In London, Brent crude oil futures were at $79.78 a barrel midday Singapore time on the ICE Futures Exchange.
Asian stock markets surged Monday as investors took heart from China ending its currency’s 2 year peg to the US dollar, and the Yuan surged in spot trading.
“The markets were boosted because investors are becoming less risk averse than before. They are more aggressive,” said Ben Kwong Man Bun, chief operating officer at KGI Securities in Hong Kong.
Brent oil prices are expected to trade through the $80 mark this week if the Yuan continues to appreciate against the US dollar, as this would be bullish for oil prices. Traders anticipate a stronger Yuan will make US dollar based commodities such as oil cheaper in China and bolster demand.
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Brent oil prices trading near $80 as stock markets jump
