{"id":12586,"date":"2010-11-22T17:47:26","date_gmt":"2010-11-22T16:47:26","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12586\/brent-oil-futures-back-near-83-as-stock-markets-sell-off\/"},"modified":"2010-11-22T17:47:26","modified_gmt":"2010-11-22T16:47:26","slug":"brent-oil-futures-back-near-83-as-stock-markets-sell-off","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12586\/brent-oil-futures-back-near-83-as-stock-markets-sell-off\/","title":{"rendered":"Brent oil futures back near $83 as stock markets sell off"},"content":{"rendered":"

Brent oil futures have lost over $2 in a many hours in market trading today as stock markets in Europe and the US sell off with investors considering the repercussions of the latest Irish bank bailout.<\/p>\n

Latest Brent Oil Price<\/strong><\/p>\n

In London, Brent crude oil futures for January 2011 delivery was trading at $83.37 a barrel, 16.20 GMT on the ICE Futures Exchange.<\/p>\n

European Debt Crisis Continues<\/strong><\/p>\n

Global markets dismissed the EU’s bailout of Irish debt, fearing bond vigilantes will quickly turn against other debt ridden Eurozone members including Portugal, Spain and Italy.<\/p>\n

“On the markets, the thinking is that once the case of Ireland is resolved, Portugal will find itself on the front line.” said Joao Cravinho, a director at the European Bank for Reconstruction and Development.<\/p>\n

ICE Dollar Index Surges Higher<\/strong><\/p>\n

Both Brent and Light crude oil prices have taken a hit today, mainly on weaker stock markets, but also on today’s strength of the US dollar, as seen by gains made on the ICE Dollar Index.<\/p>\n

The ICE Dollar Index, which tracks the US dollar against a trade weighted basket of six major world currencies was at 78.854, over one percent higher than 78.143 recorded earlier today.<\/p>\n

A stronger US dollar makes oil futures and other commodities more expensive to buy for investors using other currencies.<\/p>\n

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