{"id":11565,"date":"2010-07-21T15:49:00","date_gmt":"2010-07-21T13:49:00","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11565\/brent-oil-trading-past-77-as-oil-prices-set-to-go-higher\/"},"modified":"2010-07-21T15:49:00","modified_gmt":"2010-07-21T13:49:00","slug":"brent-oil-trading-past-77-as-oil-prices-set-to-go-higher","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11565\/brent-oil-trading-past-77-as-oil-prices-set-to-go-higher\/","title":{"rendered":"Brent oil trading past $77 as oil prices set to go higher"},"content":{"rendered":"

Brent oil futures are trading higher on Wednesday afternoon, sailing past the $77 mark as many current market pointers could see oil prices go higher and through $80 a barrel in the short term.<\/p>\n

In London, Brent crude oil futures for September 2010 delivery was trading at $77.15, 14.00 GMT on the ICE Futures Exchange which is nearly a dollar up on the day’s opening price.<\/p>\n

IMF Says Low Oil Prices a Risk to Middle East Future<\/strong><\/p>\n

Meanwhile, economic growth in the six Gulf Arab countries is strengthening but a major risk to the outlook is if oil prices remain low for a protracted period, the IMF said today.<\/p>\n

“This, along with projected higher oil prices, should improve fiscal and external balances,” the report said. It goes on to project that a rebound in imported food prices is likely to boost inflation to 4% in 2010. The main risk to the outlook is a sharp decline in oil prices, the report warned.<\/p>\n

Brent crude oil futures rose for a third straight day on Wednesday as economic optimism reflected in stronger equities markets helped keep oil prices bolstered.<\/p>\n

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