Brent oil price nears $111 as Greece debt concerns continue

Brent oil prices are hovering around $111 a barrel in today’s trading session after Greece survives a key vote of confidence which has been affecting markets and bringing oil prices lower, however Greece debt concerns will continue for sometime yet.

Latest Brent Oil Price

In London, Brent crude oil futures for August 2011 delivery was trading at $110.85 a barrel, 06.15 GMT this morning on the ICE Futures Exchange.

Greece Debt Crisis

Oil prices fell amid speculation that Greek Prime Minister George Papandreou will fail to pass austerity measures next week, even after winning a confidence vote in parliament yesterday evening.

European finance ministers said this week that they would hold off on approving Greece’s 12 billion euro aid package promised for July until passage of plans to cut the deficit, sell state assets and impose a crisis levy on wages.

Greece needs the loan to be able to keep up with payments to creditors of its 340 billion euros of debts, which amounts to 30,000 euros per person.

Greece’s Prime Minister George Papandreou’s new cabinet was approved by 155 votes to 143, with two abstentions. The confidence vote took place early on Wednesday after a heated debate on Tuesday that saw sections of the opposition briefly walk out.

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Brent oil price nears $111 as Greece debt concerns continue