Brent oil price near $82 as European markets rebound
BonTradeBrent crude oil prices are trading near the $82 mark on Friday as European markets are expected to rebound today after Wall Street pared losses into yesterday’s close.
In London, Brent crude oil futures for September 2010 delivery was trading at $81.86, 08.00 GMT on the ICE Futures Exchange.
European stock index futures pointed to a higher opening ahead of key US monthly jobs data as investors hope for a strong figure for the private sector that could fuel the recent stock rally. Futures on the Euro Stoxx 50 Index gained 0.4 percent to 2,830 as of 07.18 GMT in London.
“Even the current slowdown that we see is in line with a historical pattern of how economies recover from recessions. It is a recovery that is still intact.” said Mikio Kumada, a senior market analyst at LGT Capital Management.
Higher stock markets mean higher crude oil prices as recently, oil futures for both Brent and WTI crude have broadly tracked stock markets around the globe.
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Brent oil price near $82 as European markets rebound
