Brent oil trading near $101, near 8 month lows on Euro gloom

Brent oil futures open today’s trading session lower, near $101 a barrel, an 8 month low as continued gloom surrounding Euro debt may hit global crude oil demand and is weighing heavily on investors appetite for higher oil prices.

Latest Brent Oil Price

In London, Brent crude oil futures for November 2011 delivery was trading at $101.53 a barrel, 07.35 GMT this morning on the ICE Futures Exchange. The Brent oil contract last traded in this range way back in February 2011.

Euro Gloom Persists

According to government draft budget figures released on Sunday, Greece will miss a deficit target set just months ago in a massive bailout package, showing that giant steps taken to avert bankruptcy may not be enough.

Greece is waiting for a group of international lenders to approve an installment of a multibillion euro loan to keep the country from defaulting on its debts. Otherwise, it will run out of money in two weeks time.

A default in Greece could trigger economic crises in other European countries and upend banks that are heavily invested in Greek bonds.

Meanwhile, British Prime Minister David Cameron says Europe must take urgent action to fix its financial problems or risk pulling down the global economy.

He also told British television that Britain must remain a part of the 27 nation EU, and said the 17 countries of the eurozone must act in the coming weeks to deal with Europe’s debt crisis.

Brent oil prices have swung up and down in the last few weeks as the European financial crisis roiled global stock markets.

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