{"id":11822,"date":"2010-08-16T09:30:26","date_gmt":"2010-08-16T07:30:26","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11822\/brent-oil-trading-higher-nearer-76-on-a-stronger-euro\/"},"modified":"2010-08-16T09:30:26","modified_gmt":"2010-08-16T07:30:26","slug":"brent-oil-trading-higher-nearer-76-on-a-stronger-euro","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11822\/brent-oil-trading-higher-nearer-76-on-a-stronger-euro\/","title":{"rendered":"Brent oil trading higher, nearer $76 on a stronger Euro"},"content":{"rendered":"

Brent oil prices open the week’s trading higher, nearer to the $76 mark as the Euro gained some strength against the US dollar.<\/p>\n

In London, Brent crude oil futures for September 2010 delivery was trading at $75.52, 08.00 GMT on the ICE Futures Exchange after a miserable close last week saw over $5 shaved off Brent prices.<\/p>\n

The Euro rebounded from a three week low against the US dollar this morning, after sliding last week as worries over prospects of slowing global growth increased demand for traditional safe haven currencies.<\/p>\n

Meanwhile, Deutsche Bank has suggested that there is likely to be some negative sentiment for oil prices in the third quarter of 2010 as Chinese tightening measures play out with a possible deceleration in oil demand growth rates.<\/p>\n

Chinese total apparent oil demand fell in July by around 10% in month on month terms, however the figures still represent a gain of 2% in year on year terms.<\/p>\n

Also, China, whose $2.45 trillion in foreign exchange reserves are the world\u2019s largest, is turning bullish on Europe and Japan and has been buying quite a lot of European bonds, said Yu Yongding, a former adviser to the People\u2019s Bank of China.<\/p>\n

Oil demand and currency movements are having a downward effect on Brent oil prices and the latest estimates and market movements may put the brakes back on any big rises in the short term at least.<\/p>\n

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