The price of Brent oil is set for a sixth day of trading losses as European crude hovers around $112 a barrel, pushed close to the lowest levels of the year as election results in Europe raised concerns for the region’s plan for economic recovery.
Latest Brent Oil Price
In London, Brent crude oil futures for June 2012 delivery was trading at $112.75 a barrel, 14.37 GMT today on the ICE Futures Exchange.
Brent oil prices have fallen every day since 1st May declining well over 5 percent since the start of the month.
Problems In Europe
Trading was choppy and Brent and US crude managed recoveries from multi-month lows hit early that attracted bargain hunters. The euro and US also rallied off lows as the shock of the election results wore off.
“It finally dawned on everyone that a socialist leading France is not the same thing as, say, a socialist leading America.” said John Kilduff, partner at Again Capital LLC.
“The policies will not be that different and, in fact, the commodity markets will get some support from the lurch toward stimulus and away from strict financial repression.”
Brent June crude dipped 2 cents to settle at $113.16 a barrel at close on Tuesday. It earlier slumped to $110.34, the lowest intraday price since 30th January and marking a 14 percent retreat from the 2012 peak of $128.40 hit in March.
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Brent oil price at $112 and looks set for sixth day of trading losses
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