{"id":10928,"date":"2010-05-25T08:30:31","date_gmt":"2010-05-25T06:30:31","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/10928\/brent-oil-trading-lower-on-continued-euro-debt-concerns\/"},"modified":"2010-05-25T08:30:31","modified_gmt":"2010-05-25T06:30:31","slug":"brent-oil-trading-lower-on-continued-euro-debt-concerns","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/10928\/brent-oil-trading-lower-on-continued-euro-debt-concerns\/","title":{"rendered":"Brent oil trading lower on continued euro debt concerns"},"content":{"rendered":"

Brent crude oil prices are trading lower on Tuesday as European debt concerns continue to affect stock markets with Brent crude oil futures lower by 72 cents to $70.45 on the ICE Futures Exchange.<\/p>\n

\u201cSpeculators are shifting money from risky to non-risky assets,\u201d said Ken Hasegawa, a commodity derivatives sales manager at Newedge in Tokyo. \u201cFrom a fundamental point of view, inventories are high so that could push prices further down but crude oil is really going to be driven by the euro issue.\u201d<\/p>\n

The “oil market sentiment is still depressed by the uncertain outlook for Europe,” the Commonwealth Bank of Australia said in a report.<\/p>\n

“Markets are likely to struggle, as they always do, in deciding if the worst is over,” Singapore’s DBS Bank said in a market commentary.<\/p>\n

“Those still bent on a break-up in the single market pointed to the takeover of a small Spanish savings bank, CajaSur, by its government as a sign that sovereign debt woes have now spread to banks in the eurozone.”<\/p>\n

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