Brent oil price trading near $74, European markets mixed

13 July 2010 13 July 2010

BonTrade

Brent oil prices open Tuesday’s trading session near $74 as European stock markets rose slightly yesterday but continue to look mixed.

In London, Brent crude oil futures for August delivery was at $73.80 a barrel 08.00 GMT on the ICE Futures Exchange.

European stocks are expected to open higher today, taking their cue from a modestly higher finish on the US stock markets.

Oil prices have been broadly tracking stock markets recently and future direction will come from the markets, but may also swing either way on the BP oil cap operation results, due out later this week.

BP shares jumped 9.4% yesterday, pushing European markets higher, after news regarding a new containment cap on the Macondo wellhead that hopefully would triple the amount of leaking oil being collected.