Brent oil trading at $114 as Greece debt drags down markets

Brent oil prices open today’s trading session at $114 a barrel after stock markets and commodities were hit across the board on Wednesday as more chaos surrounding Greece’s debt problems continue to weigh on markets.

Latest Brent Oil Price

In London, Brent crude oil futures for July 2011 delivery was trading at $114.27 a barrel, 08.30 GMT on the ICE Futures Exchange.

Yesterday, Greece witnessed some of the most violent protests in more than a year as demonstrators went on to the streets and took part in a general strike. The Government debt situation in Greece is causing problems for the EU and affecting global stock markets and oil prices.

Brent Oil Price Forecast

However oil prices may firm around this level as investors look to oil demand from Asian economies later in 2011.

Brent oil prices will stay well above $100 a barrel in the second half of this year on China’s oil demand growth and reduced supply of high quality grades, according to Mirae Asset Securities Ltd.

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Brent oil trading at $114 as Greece debt drags down markets