{"id":10993,"date":"2010-06-01T13:06:04","date_gmt":"2010-06-01T11:06:04","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/10993\/brent-oil-price-sinks-under-72-as-the-euro-looses-ground\/"},"modified":"2010-06-01T13:06:04","modified_gmt":"2010-06-01T11:06:04","slug":"brent-oil-price-sinks-under-72-as-the-euro-looses-ground","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/10993\/brent-oil-price-sinks-under-72-as-the-euro-looses-ground\/","title":{"rendered":"Brent oil price sinks under $72 as the Euro looses ground"},"content":{"rendered":"

Brent oil prices fell in lighter trading on Tuesday to back under $72 as the Euro looses ground to most other currencies including the US dollar, which puts the Euro at a four year low against the greenback.<\/p>\n

Brent crude oil futures for July delivery on London’s ICE Futures Exchange was down $2.68 at $71.97 a barrel by noon GMT, which is nearly three percent off today’s open.<\/p>\n

“Focus is back on to euro zone problems this morning and it is the bad loans story that is weighing on the euro in early trading,” said Audrey Childe-Freeman, currency analyst at Brown Brothers Harriman.<\/p>\n

A stronger US dollar against the euro and other currencies weighs on oil prices as it makes the commodity much more expensive to buy for holders of other currencies.<\/p>\n

Meanwhile, bank stocks fell following warnings of the potential bank writedowns in the European Central Bank\u2019s latest Financial Stability report. \u201cWe are experiencing now a second wave of writedowns, which relate to the performance of loans,\u201d said Lucas Papademos, the ECB\u2019s vice-president.<\/p>\n

At about 0850 GMT, the euro tumbled as low as $1.2115, touching a level last seen on April 14, 2006.<\/p>\n

The euro will likely drop to $1.15 by year-end while oil will probably trade between $75 and $80 at the end of the year, said Jorg Zuener, chief economist for Liechtenstein-based VP Bank.<\/p>\n

Brent crude oil prices continue to suffer losses as European and global stock markets once again show weakness.<\/p>\n

\n
\"Digg<\/a><\/div>\n
\"Reddit<\/a><\/div>\n
\"Stumble<\/a><\/div>\n
\"Buzz<\/a><\/div>\n
\"Vote<\/a><\/div>\n
\"Share<\/a><\/div>\n
\"Bookmark<\/a><\/div>\n
\"Kick<\/a><\/div>\n
\"Shout<\/a><\/div>\n
\"Share<\/a><\/div>\n
\"Bookmark<\/a><\/div>\n
\"Post<\/a><\/div>\n
\"Google<\/a><\/div>\n<\/div>\n