Brent crude oil prices open the week’s trading session back around $111 a barrel as the debt crisis which surrounds the EU could worsen this week with Greek debt the main concern to get out of hand and batter stock market confidence where oil prices may also take a hit.
Latest Brent Oil Price
In London, Brent crude oil futures for November 2011 delivery was trading at $111.47 a barrel, 06.45 GMT this morning on the ICE Futures Exchange.
Both Brent and WTI oil futures have recently been tracking stock markets higher and lower, with EU debt concerns remaining the main driver.
Asian Markets Lower
Asian stock markets fell on Monday after European finance heads failed to agree a plan to solve the region’s debt concerns, while they also put off a decision on releasing rescue funds to Greece.
Asian markets had rallied before the meeting on Friday after the ECB and its US, Japanese, Swiss and British counterparts offered to inject US dollars into lenders squeezed by Europe’s debt crisis.
“Any improvement in sentiment following the US dollar liquidity announcement by various central banks last week is already filtering away against the background of EU officials failure to make any headway over the weekend.” according to client comments by Credit Agricole.
The Shanghai Composite was down 1.4 percent while the Hang Seng fell 2.1 percent at the time of writing. The Sensex declined 0.6 percent while Sydney fell 1.5 percent.
“Europe will be a pessimistic weight around the crude oil market for some time.” said David Lennox, a resource analyst at Fat Prophets, Sydney.
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Brent oil price hovers at $111 as Greek debt hits market confidence
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