{"id":12623,"date":"2010-11-27T09:18:40","date_gmt":"2010-11-27T08:18:40","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12623\/brent-oil-price-ends-week-near-86-amid-euro-concerns\/"},"modified":"2010-11-27T09:18:40","modified_gmt":"2010-11-27T08:18:40","slug":"brent-oil-price-ends-week-near-86-amid-euro-concerns","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12623\/brent-oil-price-ends-week-near-86-amid-euro-concerns\/","title":{"rendered":"Brent oil price ends week near $86 amid Euro concerns"},"content":{"rendered":"

Brent crude oil prices end a choppy week’s trading near $86 a barrel amid continuing Euro debt problems in Ireland, Portugal and Spain which could trigger lower oil prices and a stronger US dollar.<\/p>\n

Brent Oil Futures \u2013 Closing Price<\/strong><\/p>\n

Brent crude oil futures for January 2011 delivery ended the week at $85.75 on the ICE Futures Exchange, $1.42 higher than last week\u2019s close of $84.33 a barrel.<\/p>\n

Both Brent and WTI oil futures declined in light trading yesterday and oil prices maybe under some downward pressure because of a stronger dollar, making US dollar denominated crude oil and other commodities more expensive for buyers in other currencies.<\/p>\n

However, some analysts believe that oil futures may well have support because of the situation unfolding in the eurozone.<\/p>\n

“In the same way that gold benefits from financial factors like a weaker US dollar, we are now seeing signs that oil is starting to benefit as a kind of safe haven.” said Peter Beutel, of trading advisory firm Cameron Hanover.<\/p>\n

Financial Bailout for Portugal Next?<\/strong><\/p>\n

It was reported yesterday that officials from Germany\u2019s finance ministry said that a rescue package for Portugal would reduce the chances of Spain needing a bailout.<\/p>\n

Borrowing costs for eurozone states, especially Portugal, rose in response to the news. The reports were later strongly denied by the German government and the EU.<\/p>\n

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