Brent oil trading near $76, US markets push prices up

Brent oil is trading higher at open on Tuesday as prices get a boost from US markets as traders followed the latest US company results.

In London, Brent crude oil futures for September 2010 delivery was at $75.86, 08.00 GMT on the ICE Futures Exchange after closing at $75.62 on Monday.

“Much of this week’s action on the oil market will ride on what the US equity markets do, particularly as second quarter corporate earnings kick into high gear,” said MF Global analyst Ed Meir.

The US stock market closed higher on Monday amid renewed concerns the US recovery is stalling and as the company earnings season picks up steam.

“Investors are confident enough to keep the markets where they are … but not excited enough to push them higher,” Sander Capital said in a report.

Brent oil prices have traded between $64 and $87 so far this year and has hovered near $76 for the last two weeks amid light summer trading volume.

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