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Brent oil back under $78 in light trading, Euro battered
Published on June 28, 2010 by oilprices · No CommentsBrent crude oil prices are trading back under the $78 in a relatively light session on Monday as the Euro takes another battering on the currency markets.
In London, Brent crude oil futures for August delivery were at $77.37 a barrel at 18.30 GMT on the ICE Futures Exchange.
Meanwhile, the troubled Euro currency fell against the US dollar and almost all of its other major counterparts as G20 nation leaders agreed on a target for cutting budget deficits.
Banks have to repay 442 billion euros in one year funds to the ECB this coming Thursday, but some investors fear a liquidity shortfall. The Euro fell to a fresh all time low against the Swiss franc and its worst level in 19 months versus the UK pound during New York trading earlier on Monday.
The Euro will continue under strong selling pressure against the US dollar which normally has a negative effect on oil prices.
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