{"id":11060,"date":"2010-06-08T07:07:07","date_gmt":"2010-06-08T05:07:07","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11060\/brent-oil-price-trading-at-71-amid-european-debt-issues\/"},"modified":"2010-06-08T07:07:07","modified_gmt":"2010-06-08T05:07:07","slug":"brent-oil-price-trading-at-71-amid-european-debt-issues","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11060\/brent-oil-price-trading-at-71-amid-european-debt-issues\/","title":{"rendered":"Brent oil price trading at $71 amid European debt issues"},"content":{"rendered":"

Brent oil prices open trading on Tuesday around the $71 mark amid continuing sovereign debt issues in a growing amount of European countries affect stock markets, while the Euro currenct gains some gorund over the US dollar.<\/p>\n

Brent crude oil futures was trading at $71.55 midday Singapore time on the ICE Futures Exchange.<\/p>\n

“The euro has been getting stronger against the US dollar and stock markets in Asia have steadied this morning,” said Ken Hasegawa, an energy desk manager with the Newedge brokerage in Tokyo.<\/p>\n

The euro changed hands at 1.1960 US dollars in Tokyo morning trade, up from 1.1919 in New York on Monday.<\/p>\n

A weaker US currency tends to improve demand for dollar priced crude oil, which becomes more attractive to buyers using stronger currencies, in turn, that pushes crude oil prices higher.<\/p>\n

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