Brent oil trading higher, Gulf spill not affecting price, yet..

Brent crude oil prices are trading higher in Tuesday’s session, near $73 as markets move higher and work continues on the BP Gulf oil relief well, but is the Gulf oil spill crisis affecting oil prices?

In London, Brent crude oil futures for August 2010 delivery were at $72.55 a barrel, 15.00 GMT on the ICE Futures Exchange.

Oil Prices and the BP Oil Spill Relation

It seems that in the short term, oil prices have not been affected by the BP oil spill crisis, however that may change, depending on the success or failure of the oil relief well being drilled to plug the BP Gulf oil spill.

A recent Deutsche Bank analysis raised its long term price of crude oil by $5 to $10 a barrel, citing tighter global regulation pushing up oil exploration and development costs, an after effect of the Gulf spill disaster.

Meanwhile, BP insisted today that it can cope with soaring oil spill costs without asking shareholders for cash, amid reports that the UK government is working on a crisis plan if the BP goes bankrupt by the oil spill disaster.

“Our position on contingency plans with respect to individual companies is if they are happening we would never comment on them” said the UK’s Prime Minister’s official spokesman.

Both tightened global regulation in the oil market, together with a failure to plug the Gulf oil spill would indeed see oil prices move higher in future.

• Brent oil price trading near $72 amid double dip concerns
• Gulf oil spill puts upward momentum on crude oil prices
• BP oil relief well maybe last chance of stopping Gulf spill
• Oil prices end week’s trading session down eight percent
• Brent oil price back at $75, Euro debt spooks the market
• WTI oil prices trading higher, eyes on Gulf hurricane Alex
• Oil prices in upward storm as nature whips the Gulf again
• Brent oil price hovers at $76 as Europe crisis bites deeper
• Brent oil price trading lower, is double dip on it’s way?
• Brent oil prices trading near $80 as stock markets jump
• Crude oil prices trading steady in $77 to $80 range
• Brent oil price trading over $78 and looking bullish
• Brent oil price trading near $76 mark on higher Euro
• Brent oil price trading above $72, looks to US crude data
• BP shares in freefall down £14bn as Gulf oil crisis deepens
• Brent oil price sinks under $72 as the Euro looses ground
• Brent oil trading lower on continued euro debt concerns
• Brent oil trading at $71 as commodities & markets wacked
• Light oil prices trading up over $86 on messy Gulf oil spill
• Oil prices start the week trading higher on US data

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Brent oil trading higher, Gulf spill not affecting price, yet..