{"id":12084,"date":"2010-09-08T10:16:29","date_gmt":"2010-09-08T08:16:29","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12084\/brent-oil-price-trades-at-77-as-stock-markets-head-lower\/"},"modified":"2010-09-08T10:16:29","modified_gmt":"2010-09-08T08:16:29","slug":"brent-oil-price-trades-at-77-as-stock-markets-head-lower","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12084\/brent-oil-price-trades-at-77-as-stock-markets-head-lower\/","title":{"rendered":"Brent oil price trades at $77 as stock markets head lower"},"content":{"rendered":"

Brent oil open’s trading around the $77 mark on Wednesday amid weaker global stock markets as investors grew concerned that high oil stockpiles in the US would continue to weigh on oil prices.<\/p>\n

In London, Brent crude oil futures for October 2010 delivery was trading at $77.35, 09.00 GMT on the ICE Futures Exchange.<\/p>\n

“When equities are lower, it leaves the oil market open to supply & demand factors, which have been bearish, to one degree or another, since the second half of 2008. There is a consensus emerging that economic growth is not going to be strong enough to eat into the existing surpluses.” said Peter Beutel of Cameron Hanover.<\/p>\n

Asian stock markets were broadly lower after Wall Street declined amid concerns over the health of European banks, with the region’s financial stocks getting hit. Oil prices also shrugged off a weaker US dollar, which fell against its major counterparts.<\/p>\n

Brent oil prices ventured lower early in today’s trading session as European stock markets dip lower.<\/p>\n

Meanwhile, an analysis of the recent stress tests on Europe’s banks showed the test understated some lenders’ holding of potentially risky government debt, re-igniting fears about the global economy and sending investors fleeing risky assets.<\/p>\n

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