Brent oil price skids under $76 on falling stock markets

Brent oil futures are trading lower on Tuesday as oil prices receive a battering with Brent back under the $76 mark as stock markets in the US skid lower and Asian markets follow suit.

In London, Brent crude oil futures for October 2010 delivery was trading at $75.70, 08.00 GMT on the ICE Futures Exchange after falling nearly two percent so far today.

“The past couple of weeks have been clouded by talk of a double dip recession. Until we get some macro-news that is more consistent, these markets are going to be a bit choppy.” said Ben Westmore at National Australia Bank in Melbourne.

“The roller coaster ride continues. Markets have become hyper sensitive to economic developments.” said David Taylor, a market analyst at CMC Markets in Sydney.

ICE Brent oil futures are today trading around a $2 premium to NYMEX WTI oil futures as US oil stockpiles increase and may show a climb of 1.55 million barrels last week, further denting WTI oil prices. The US Energy Department is scheduled to release its weekly inventory report tomorrow in Washington.