{"id":11485,"date":"2010-07-19T08:40:18","date_gmt":"2010-07-19T06:40:18","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11485\/brent-oil-price-near-75-as-markets-eye-imf-funds-decision\/"},"modified":"2010-07-19T08:40:18","modified_gmt":"2010-07-19T06:40:18","slug":"brent-oil-price-near-75-as-markets-eye-imf-funds-decision","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11485\/brent-oil-price-near-75-as-markets-eye-imf-funds-decision\/","title":{"rendered":"Brent oil price near $75 as markets eye IMF funds decision"},"content":{"rendered":"

Brent oil prices open the week’s trading near $75 as news yesterday evening that the IMF and EU has suspended a review of Hungary’s funding programme is sure to have European markets on a back footing, however oil prices are holding up.<\/p>\n

In London, Brent crude oil futures for September 2010 delivery was at $75.25 at 07.00 GMT on the ICE Futures Exchange.<\/p>\n

In the eurozone, analysts at Informa Global Markets said uncertainty over Hungary’s funding programme has prompted a steep rise in the country’s funding costs.<\/p>\n

European markets are therefore braced for a volatile day of trading today after \u20ac20bn financing deal for Hungary is taken away.<\/p>\n

The move, which was described by economists as \u201cvery rare\u201d, means that Hungary will not have access to standby funds that were secured as part of a 2008 loan deal. The credit line was suspended on Saturday after the European Commission voiced concerns over the newly-elected Hungarian government\u2019s budget plans.<\/p>\n

The move by the IMF and EU will reignite fears in global stock and money markets, however oil prices seem to be holding onto recent gains.<\/p>\n

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