Brent oil price edges near $110 ahead of Euro debt meeting

Brent oil prices edged closer to $110 a barrel in early trading this morning ahead of the latest Euro debt meeting meeting between French and German politicians which may influence markets further this week.

Latest Brent Oil Price

In London, Brent crude oil futures for September delivery was trading at $109.15 a barrel, 07.20 GMT this morning on the ICE Futures Exchange. The September Brent contract expires today.

Trading appeared light on Monday, with US crude oil volumes down more than 44 percent from the 30 day average and Brent trade about 28 percent below that average.

Euro Debt Meeting

Brent crude oil futures rose for the fourth straight session on Monday, buoyed by optimism that European leaders can come up with solutions to the region’s debt crisis.

Concerns about the euro zone crisis, along with a raft of poor US economic data, have dragged down oil prices and hopes for a resolution to Europe’s issues rose ahead of a Tuesday meeting between French and German politicians.

Brent oil futures could move up to $111.30 a barrel after a shallow retracement to $108.20, according to Reuters technical analyst Wang Tao.

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Brent oil price edges near $110 ahead of Euro debt meeting