{"id":10811,"date":"2010-05-10T08:44:52","date_gmt":"2010-05-10T06:44:52","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/10811\/brent-oil-trading-near-80-on-new-magic-650b-eu-fund\/"},"modified":"2010-05-10T08:44:52","modified_gmt":"2010-05-10T06:44:52","slug":"brent-oil-trading-near-80-on-new-magic-650b-eu-fund","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/10811\/brent-oil-trading-near-80-on-new-magic-650b-eu-fund\/","title":{"rendered":"Brent oil trading near $80 on new magic $650B EU fund"},"content":{"rendered":"

Brent oil prices are trading higher on Monday, back near the $80 mark as a new, magical EU debt fund is announced by European policy makers will contain sovereign debt risks and maintain economic growth in Europe.<\/p>\n

Brent crude oil futures for June settlement rose as much as 2.6 percent, to $80.20 a barrel on the London based ICE Futures Exchange at 1:43 p.m. Singapore time.<\/p>\n

\u201cPeople have been selling risky assets for the past several weeks because of the Greek debts,\u201d said Tetsu Emori, a commodity fund manager with Astmax Ltd. in Tokyo. \u201cThe people that were selling off are now buying back.\u201d<\/p>\n

\u201cThere will be traders with a longer-term view looking at this as a better entry point for speculative positions,\u201d said Toby Hassall, commodity analyst at CWA Global Markets Pty in Sydney. Markets remain volatile and risk appetite among most investors remains quite low.\u201d<\/p>\n

Oil prices are at a reasonable level and the global recovery is proceeding at a \u201csatisfactory\u201d pace, OPEC Secretary General Abdalla Salem El-Badri said in Doha yesterday.<\/p>\n

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