{"id":11432,"date":"2010-07-13T18:30:20","date_gmt":"2010-07-13T16:30:20","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11432\/brent-oil-trading-up-3-percent-near-77-markets-see-boost\/"},"modified":"2010-07-13T18:30:20","modified_gmt":"2010-07-13T16:30:20","slug":"brent-oil-trading-up-3-percent-near-77-markets-see-boost","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11432\/brent-oil-trading-up-3-percent-near-77-markets-see-boost\/","title":{"rendered":"Brent oil trading up 3 percent near $77, markets see boost"},"content":{"rendered":"

Brent oil prices have risen over 3 percent since today’s open and are trading near the $77 a barrel mark as European and US stock markets see a boost higher on data and company earning results.<\/p>\n

In London, Brent crude oil futures for August 2010 delivery was up to $76.53 at 17.00 GMT on the ICE Futures Exchange in a busy trading session.<\/p>\n

Investors have been eagerly awaiting the second quarter of 2010 US earnings season for confirmation that a recent stock rally on the markets was really justified.<\/p>\n

The Stoxx Europe 600 index rose 1.9% to finish at 255.99, its sixth consecutive daily rise as European banks rallied, with Deutsche Bank gaining 2.8%, Credit Agricole rising 3.7% and Barclays gaining 4.2% respectively.<\/p>\n

Oil Prices and the IEA’s Oil Report<\/strong><\/p>\n

Meanwhile, the IEA today said it was assuming that oil prices for 2011 would average $79.40 per barrel, while forecasting a fall in oil production of 30,000 barrels per day from the Gulf of Mexico in 2010 to 2011 owing to the effects of the BP oil spill disaster.<\/p>\n

Standard Chartered Bank’s Brent Oil Price Forecast for 2010<\/strong><\/p>\n

Brent crude oil may surpass this year\u2019s high of $89.58 a barrel after prices rebounded against a rising channel formation, according to technical analysis by Standard Chartered Plc.<\/p>\n

Standard Chartered forecast that Brent oil prices will first rebound to $79.86 a barrel, the highest price of the past seven weeks, reached on June 21st 2010. Brent oil prices may then proceed to $82.94, and then potentially to this year\u2019s peak of $89.58, reached on May 3rd, according to the bank.<\/p>\n

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