Brent oil price rockets to $89 on higher stock markets

2 December 2010 2 December 2010

BonTrade

Brent oil prices open Thursday’s trading session near $89 a barrel as global stock markets rocketed higher yesterday, supported by strong US and Chinese data as bond market pressures eased on financially vulnerable eurozone countries.

Latest Brent Oil Price

In London, Brent crude oil futures for January 2011 delivery was trading at $88.76 a barrel, 06.30 GMT this morning on the ICE Futures Exchange, after closing yesterday’s trading session 3.5 percent higher at $88.92.

Stock markets moved higher after two days of turmoil after an announcement Sunday the EU and the IMF would provide Ireland with 85 billion euros to shore up its banking sector and meet its debt obligations.

European Stock Markets

On the European stock markets, London’s FTSE 100 may open 19 points higher at 5,662 today, while the German Dax index may put on 13 points to 6,880 and France’s CAC 40 may gain 11 points to 3,680.

Oil traders seemed more optimistic about the global economy after sifting through a series of reports that showed improved manufacturing activity in the US and China, increased hiring among small US businesses and higher US work force productivity than initially thought during the third quarter.