Brent crude oil futures open today’s trading session unchanged near $115 a barrel as economic news from Europe and the US continues to drive oil prices and stock market direction.
Latest Brent Oil Price
In London, Brent crude oil futures for October 2011 delivery was trading at $114.87 a barrel, 08.00 GMT this morning on the ICE Futures Exchange.
Markets Remain a Hard Call
Markets in Europe closed higher Thursday at the end of a choppy trading session in which the ECB cut its growth forecasts and signaled an end to rate increases.
However the US Dow Jones sold off after a new job creation plan by US President Obama failed to impress.
“If European and US policymakers can find some compromise and willingness to work together before economics force their hand, then that is bullish for oil prices. But I think we will probably see the market grind sideways.” said Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong.
“The primary trend is that a 2 year bull market in stocks is over and the charts are telling us to lighten up. I love the dollar and think it’s moving meaningfully higher, which will be bad for stocks and gold. We are working with the 2008 playbook, which is headwinds against commodities like crude oil.” according to Richard Ross at Auerbach Grayson.
Brent crude oil prices initially extended gains on Thursday in choppy trading after a government report showed crude stocks fell more than expected last week in the US.
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Brent oil trading at $115 as economic news still driving prices
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