Brent oil opened today’s trading session back over $115 a barrel after Middle East tensions boosted oil demand worries, while by eurozone debt concerns continue to have oil prices rising higher in an uncertain market.<\/p>\n
Latest Brent Oil Price<\/strong><\/p>\n In London, Brent crude oil futures for July 2011 delivery was trading at $115.37 a barrel, 08.47 GMT this morning on the ICE Futures Exchange.<\/p>\n Brent Oil Trading Target<\/strong><\/p>\n According to technical charts, a bullish target at $118.43 per barrel is intact for Brent crude, while US oil may zigzag up to $104.60 per barrel, as a rebound that started from the 17th May low of $95.02 has not completed, said analyst Wang Tao.<\/p>\n Greece Default Concerns<\/strong><\/p>\n Markets have been on edge by the possibility of a Greek default after the head of euro zone finance ministers, Jean-Claude Juncker, said the IMF could deny Greece the next tranche of aid.<\/p>\n “There’s no question that the euro zone is adding to the volatility of crude futures. If the IMF appoints a new head quickly that might add some clarity to the situation which would support the euro and weaken the US dollar.” said Victor Shum, an analyst at Purvin & Gertz, Singapore.<\/p>\n Middle East Comment<\/strong><\/p>\n Meanwhile, The external financing needs of oil importing countries in the Middle East and North Africa will exceed $160 billion over the next three years and donor countries must step in to help, the IMF said on yesterday.<\/p>\n “In the immediate future, there is a need to restore confidence in the oil-importing countries, which face surging global commodity prices and domestic pressures associated with the initial transition shocks,” the IMF said.<\/p>\n<\/p>\n