Brent oil trading near $107 as EU debt crisis lacking consensus

Brent oil futures open Wednesday’s trading session hovering near $107 a barrel as traders and investors remain rattled by a lack of consensus amongst several EU countries on how best to tackle the European debt crisis.

Latest Brent Oil Price

In London, Brent crude oil futures for November 2011 delivery was trading at $107.04 a barrel, 08.30 GMT this morning on the ICE Futures Exchange.

EU Debt Crisis

A report in the FT indicated that a split has developed over the terms of Greece’s second bailout package, which comes as Finland gets ready to vote on the proposed changes to the EFSF this morning while still demanding collateral for its contribution to the Greek bailout.

“It’s the lack of consensus that stands to be the most disruptive issue. Put simply, the market is no fan of uncertainty so the absence of a united front will do nothing to calm volatility.” according to spread betting firm IG Markets.

All eyes will be on a key vote Thursday in Germany, where MPs will decide on expanding the EFSF rescue fund for debt mired European countries.

Despite a jump higher for Brent on the markets yesterday, there seemed no clear sign of a solution to the EU debt crisis, which has sent global markets spiralling downwards, sucking oil futures and other commodities lower along the way.

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