Brent oil price trading at $71 amid European debt issues
BonTradeBrent oil prices open trading on Tuesday around the $71 mark amid continuing sovereign debt issues in a growing amount of European countries affect stock markets, while the Euro currenct gains some gorund over the US dollar.
Brent crude oil futures was trading at $71.55 midday Singapore time on the ICE Futures Exchange.
“The euro has been getting stronger against the US dollar and stock markets in Asia have steadied this morning,” said Ken Hasegawa, an energy desk manager with the Newedge brokerage in Tokyo.
The euro changed hands at 1.1960 US dollars in Tokyo morning trade, up from 1.1919 in New York on Monday.
A weaker US currency tends to improve demand for dollar priced crude oil, which becomes more attractive to buyers using stronger currencies, in turn, that pushes crude oil prices higher.
- Brent oil trading lower on continued euro debt concerns
- Brent oil trading back at $71 level as Euro slides lower
- Brent oil price sinks under $72 as the Euro looses ground
- Oil prices trading at $70 mark amid stock market falls
- WTI oil price skids under $70 as US dollar firms up
- Brent oil trading at $71 as commodities & markets wacked
- Brent oil price trading over $81 amid euro debt concerns
- Brent oil price takes a hit in heavy trading, higher dollar
- Brent oil prices trading back over $87 on Greece news
- Oil prices trading back near $75 amid ongoing Euro concerns
- Brent oil price back near $72 amid mixed market data
- Oil prices trading at $71 mark, following stock markets
- Oil prices trading near $70 as global stock markets slump
- Brent oil price trading at $74 as new Euro concerns hit
- Brent oil price dips under $77 as Europe spooks markets
- Oil prices dropping off a cliff with stock markets in tow
- Oil prices again being lead by dollar and euro swings
- Brent oil price steady at $80 as stock markets shoot higher
- Brent oil trading back near $80 as euro hits new lows
- Oil prices slump on US stock market crash, Asia follows
Here is the original:
Brent oil price trading at $71 amid European debt issues
