Brent oil price trading near $78 on higher markets

Brent crude oil prices open the week’s trading session higher near the $78 a barrel mark as Asian stock markets move up and European stock markets are expected to open a touch higher today.

In London, Brent crude oil futures for September 2010 delivery was at $77.83, 07.45 GMT on the ICE Futures Exchange.

Asian stock markets mostly rose on Monday, finding reassurance in Europe’s banking stress tests and a strong performance on Wall Street, despite worries about the patchiness of the global recovery.

Much attention today maybe focused on what European stock markets make of last week’s stress tests. The results found that only seven banks, five in Spain and one each in Germany and Greece were under capitalised and unprepared to absorb a new financial crisis.

Meanwhile, Brent oil prices are holding firm after US tropical Storm Bonnie turned out to be a tropical fizzle after being shredded by a trip across Florida.