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Brent oil price trading under $76 on Greece Worries
Published on February 25, 2010 by oilprices · 1 CommentICE Brent crude oil prices are trading nearly three percent lower as Greece debt worries bring european stocks sharply down. In London, Brent crude oil futures are down $2.18 to $75.91 a barrel on the ICE Futures Exchange.
Earlier today, news that rating agencies may downgrade Greece’s sovereign debt rating refocused attention on the weak fiscal health of some euro zone countries and weighed on markets.
“Economic data is testing the optimism of some investors who had hoped that rebounding economic growth would push up demand for commodities,” said Carsten Fritsch, analyst at Commerzbank.
The euro neared a nine month low against the dollar and hit a one year low versus the yen as worries of a sovereign debt default in the euro zone grew after ratings agency Standard and Poor’s said late on Wednesday it may cut Greece’s rating one or two notches within a month.
“The yen has strengthened through Asian and European trading. Sovereign risk fears and the threats of a downgrade of Greece has definitely had an impact,” said Sacha Tihanyi, currency strategist at Scotia Capital in Toronto.
Tags: brent, crude, debt, Greece, ICE, oil, oil price, prices, stocks, trading
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