Brent oil price holds at $80 mark as euro hits new lows

Brent oil prices are finding support around the $80 mark in Asian trade on Wednesday as doubts remained over a massive eurozone bailout plan which continues to weaken the euro currency.

Brent crude oil futures for June delivery was trading at $80.32 a barrel at 06.30am GMT on the ICE Futures Exchange.

The euro remained under selling pressure with investors still skeptical about whether the euro zone economies could deliver the drastic spending cuts and tax increases needed to get their fiscal houses in order.

The euro declined to $1.2639 as of 6:46am in London from $1.2662 in New York yesterday. The currency slumped to $1.2529 on May 6th, the weakest level since March 5th, 2009.

A weaker euro tends to have a negative effect on oil prices, however brent oil seems to have some support in the $80 range for the moment.

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