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Brent oil trading firm at $76, Asian markets move higher
Published on August 19, 2010 by oilprices · No CommentsBrent oil prices open Thursday’s trading session at the $76 mark as Asian stock markets traded higher, but the gains are modest, reflecting an uncertainty about the strength of world economic growth.
In London, Brent crude oil futures for September 2010 delivery was trading at $76.96 a barrel, 08.00 GMT on the ICE Futures Exchange.
Investors continue to guess whether they should be concerned about a US double dip recession or whether this is a buying opportunity for oil prices and other commodities including gold.
It seems for now that oil futures have support around the $75 level however the holiday period sees light trading activity and the coming few weeks will be interesting for benchmark price direction.
Stock markets in Europe should open higher today as futures on the Euro Stoxx 50 Index gained 0.4 percent to 2741 as of 07.20 GMT in London, while the UK’s FTSE 100 Index should open 10 points higher.
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