Brent oil price dips lower on Europe’s debt mess

Brent oil futures open this morning’s trading session hanging near $110 a barrel as Europe’s debt mess continues to affect stock markets and talks of a double dip for European economies could lead to further falls for oil prices.

Latest Brent Oil Price

In London, Brent crude oil futures for October 2011 delivery was trading at $110.04 a barrel, 06.15 GMT this morning on the ICE Futures Exchange after closing yesterday’s session at $109.92.

Europe’s Debt Mess

European markets once again slumped deep into the red on Monday after renewed fears over the continent’s debt crisis rocked banks across the continent.

Meanwhile, yields on Italian and Spanish government bonds hit their highest levels in nearly a month on Monday and are seen rising further as pressure mounts on Italy, the euro zone’s third largest economy to get its fiscal house in order.

“The all too familiar worry about European sovereign debt has raised its head again. With no chance of a boost from US markets, European investors stayed firm sellers.” said David Jones, market strategist at IG Index.

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Brent oil price dips lower on Europe’s debt mess