{"id":12611,"date":"2010-11-25T08:55:48","date_gmt":"2010-11-25T07:55:48","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12611\/wti-oil-trading-over-83-amid-euro-debt-concerns-dollar\/"},"modified":"2010-11-25T08:55:48","modified_gmt":"2010-11-25T07:55:48","slug":"wti-oil-trading-over-83-amid-euro-debt-concerns-dollar","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12611\/wti-oil-trading-over-83-amid-euro-debt-concerns-dollar\/","title":{"rendered":"WTI oil trading over $83 amid euro debt concerns, dollar"},"content":{"rendered":"

WTI oil prices open Thursday’s trading session firm over the $83 mark amid continued debt concerns haunting euro countries, which sees the US dollar continuing to hold onto two month highs against the euro.<\/p>\n

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

US Light crude oil futures for January 2011 delivery was trading at $83.72 a barrel, 07.30 GMT this morning on the NYMEX after closing yesterday’s session at $84.18. US markets are closed today due to the Thanksgiving weekend in America.<\/p>\n

Euro Debt Concerns for Portugal and Spain<\/strong><\/p>\n

Portugal’s borrowing costs are rising sharply amid a major public sector strike and growing market fears the country could be next in line for a European bailout.<\/p>\n

Spain’s interest rates are also up as investors worry that Portugal’s problems could affect its larger neighbour.<\/p>\n

The interest rate on 10 year Portuguese bonds broke through the 7 percent barrier yesterday, while 10 year Spanish bonds rose to 5.08 percent at mid-morning from 4.91 percent at the start of trading.<\/p>\n

These figures are a big concern for the two countries and if they too are in need of EU and IMF assistance, many analysts believe that there are not enough funds to cover loans.<\/p>\n

Meanwhile, the eurozone situation is having a big effect on the currencies market. The euro was down against the US dollar again this morning, hovering close to a two month low as worries about the eurozone debt crisis continued.<\/p>\n

Investors in the euro currency are shifting back into the US dollar, which to some extent is still seen as a safe haven currency at times like these.<\/p>\n

And as we know, a higher US dollar is going to put downward pressure on both crude oil prices and other commodities.<\/p>\n

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