Light oil price trading near $76 on European debt concerns

Light crude oil futures open trading on Wednesday and dipped under $76 as the oil fell for a second day on continued concerns that the European bailout is insufficient to end the region’s sovereign debt crisis. US Light crude oil for June delivery dropped as much as 73 cents, or 1 percent, to $75.64 a barrel on the NYMEX. Crude oil traders have been eyeing how the euro reacts after European policymakers unveiled a $1 trillion debt bailout package earlier this week. Commodities priced in dollars, such as oil, become more expensive for investors holding euros as the US dollar strengthens. Meanwhile, BofA Merrill Lynch Global Research analysts said in a note to investors that the currency effect on oil prices may be limited and that crude will top $100 at some point next year. Light oil price falls four percent as global markets decline Light oil price trading near $80 on US inventories data, dollar Light oil price holds at $86, awaits latest US oil stock data Brent oil price may test $90 this week on Greece debt deal Brent oil price trading at 2010 highs on contract expiry Oil trading price predictions for 2010 to 2012 Light oil price gains in trading, hovers around $75 Brent oil price takes a hit in heavy trading, higher dollar Brent oil futures hover at $86, Greece bailout ongoing Light oil price back over $85 on latest positive US data Brent oil price closes the week trading at 18 month high Oil price range of $75 to $90 is fine says Kuwait Minister Brent oil price surges in record trading, next stop $90? Oil prices trading firm on US data, homing in on $90 barrel Oil price is strong despite headwinds Crude oil prices hit 2010 trading high on falling US dollar Brent oil price trading over $81 mark, holiday week bounce Light oil price hovers at $80, uncertain trading week ahead Iran’s Khatibi say’s $100 crude oil price is “good price” Light oil prices end the week well above $80 trading range

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Light oil price trading near $76 on European debt concerns