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Brent oil prices trading near $75, Euro markets turn lower
Published on July 16, 2010 by oilprices · No CommentsBrent oil prices are trading Friday’s session near the $75 mark as Euro stock markets turn lower, however oil prices maybe getting a lift from a lower US dollar.
In London, Brent crude oil futures for September 2010 delivery was trading at $75.24 a barrel, 16.45 GMT on the ICE Futures Exchange.
European markets turned lower this afternoon as gloomy news and mixed company data out of the US dragged down stocks across the board.
The ICE Dollar Index, which tracks the dollar against a trade weighted basket of currencies, was lower at 82.440 , a weaker US dollar makes commodities like oil cheaper for some buyers holding alternative currencies.
The Euro slipped below the $1.30 level hit in earlier trading, but remained higher against the US Dollar on the day as concerns over the eurozone sovereign debt crisis continued to fade to the background amid worry the US recovery could be slowing.
Brent oil futures are currently trading around $2 higher than their opening prices on Monday of this week.
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