Brent oil trading near $76 after dropping seven percent

Brent crude oil prices are trading slightly higher in Asia on Friday over $76 after a harsh week in the markets sees Brent futures drop over seven percent.

In London, Brent crude oil futures for September 2010 delivery was trading at $76.30, 08.00 GMT on the ICE Futures Exchange, rebounding from a huge overnight drop in floor trade which prompted short covering ahead of the weekend.

“The fall last night was big, and has perhaps prompted traders here to cover shorts. This is not the time for fresh buys, but it would be a little hard to test $75 a barrel.” said Rikio Ishikura, a trader with Newedge Japan.

Brent oil futures have fallen around seven percent this week amid resurgent investor fears that the global economy may not grow in the second half of 2010 as many investors and analysts previously expected.

Oil traders are worried that slower global economic growth will mean consumers will buy less petrol, gas and other energy products, all affecting Brent and WTI oil prices.

• Brent oil price hangs at $80 as Asian markets slide lower
• Oil trading at $82, hanging onto gains amid mixed markets
• Brent oil trading back near $75 on US Bernanke comments
• Brent oil prices trading near $75, Euro markets turn lower
• Brent oil trading lower on continued euro debt concerns
• Brent oil trading at $77 as global economic worries bite
• Crude oil prices hammered lower as stock markets tumble
• WTI oil price trading at $81 as investors turn bullish
• Brent oil trading near $82 on US data, stock markets
• Brent oil trading over $81 and prices could go higher
• Brent oil trading over $80, European markets help lift prices
• Oil prices see slow trading day amid uncertain markets
• Brent oil trading past $77 as oil prices set to go higher
• Brent oil trading near $76, US markets push prices up
• WTI oil prices firm at $76 as US dollar slides lower
• Brent oil trading up 3 percent near $77, markets see boost
• Brent oil price trading near $74, European markets mixed
• WTI oil trading over $73 as stock markets lift oil prices
• Oil prices end week’s trading session down eight percent
• Brent oil trading under $75 as Europe markets head lower

Read more:
Brent oil trading near $76 after dropping seven percent