Oil prices lower as Germany “switches off financial lights”

Oil prices open trading on Wednesday lower amid a decision by Germany yesterday to ban naked short selling of key bank stocks may “switch off Europe’s financial lights”. US Light crude oil futures for June delivery was trading to $68.60 a barrel at midday Singapore time on the NYMEX, while in London, Brent crude oil futures were trading down at $74.45 on the ICE Futures Exchange. Germany banned risky bets on bonds, stocks and credit protection, stunning investors and setting euro zone markets up for a rough ride on Wednesday amid fears Berlin’s attack on speculation will backfire. “Germany just switched off the financial lights in Europe,” said a senior forex trader at a European bank in Singapore. “Germany’s announcement … dented risk appetite as it raises the question as to whether the German regulator knows something the market doesn’t,” Rabobank said in a note. “If there is a secret here, it can’t possibly be a positive one.” Crude oil prices have fallen more than 20 per cent since May 2010 on investor concern that efforts to contain Europe’s debt crisis could fail and deep government spending cuts will hurt economic growth and oil demand. Many view investing in oil now favourable to buying into gold, however with the current issues facing Europe, it maybe better to sit on the fence and see what plays out. Oil prices trading higher amid continued Iceland volcano chaos Oil prices trading range at $80 mark on US Dollar Index Oil prices slip lower on new China bank reserve rules WTI oil price at $69 mark on strong dollar, high stocks Oil prices dropping off a cliff with stock markets in tow Oil prices trading higher as gold tips over the $1200 mark Light oil prices trading up over $86 on messy Gulf oil spill Oil prices back in $85 to $90 trading range, in mixed week Light oil prices at $83 in early trading, US dollar dips Oil prices start the week trading higher on US data Euro in Greek tailspin, US dollar firms & oil prices holding out Oil prices trading near $85, global stock markets higher US Light oil prices fall under $82 on Goldman Sachs news Oil prices add over two percent in brisk buying session Oil prices start week trading around $85 on weak US dollar Light oil price touches $87 in trading, $100 oil soon? Light oil price trading up as US dollar takes a knock Crude oil prices hit 2010 trading high on falling US dollar Oil prices trading higher on Monday amid weaker US dollar Crude oil prices gain as traders eye global stock markets

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Oil prices lower as Germany “switches off financial lights”