{"id":10859,"date":"2010-05-17T08:41:24","date_gmt":"2010-05-17T06:41:24","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/10859\/brent-oil-price-dips-under-77-as-europe-spooks-markets\/"},"modified":"2010-05-17T08:41:24","modified_gmt":"2010-05-17T06:41:24","slug":"brent-oil-price-dips-under-77-as-europe-spooks-markets","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/10859\/brent-oil-price-dips-under-77-as-europe-spooks-markets\/","title":{"rendered":"Brent oil price dips under $77 as Europe spooks markets"},"content":{"rendered":"

Brent crude oil prices open the week’s trading under the $77 mark on Monday dropping $1.17 to $76.76 a barrel on the ICE Futures Exchange as continued debt problems in Europe spook global markets.<\/p>\n

Meanwhile, the euro sank to four year lows as angst over Europe’s debt crisis led investors to pull more money from stocks in favor of havens such as gold.<\/p>\n

“At the moment all of the markets are on the way of declining further on the euro crisis. I think euro against dollar is possibly to go down to about $1.20, triggering another round of rectification in the market,” said Ken Hasegawa, a commodity derivatives manager at brokerage Newedge in Japan.<\/p>\n

Short-term there is no obvious reason to think the euro is going to stop declining here,\u201d said Sean Callow, a senior currency strategist at Westpac Banking Corp. in Sydney. \u201cGrowth is going to be extremely weak for a long time. Positioning clearly isn\u2019t holding the euro back.\u201d<\/p>\n

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