Brent oil prices trading over $73 as global markets gain

ICE Brent crude oil prices made a rally higher in this afternoon’s trading session, climbing over the $73 mark as global stock markets made some gains and moved higher.

In London, Brent crude oil futures for August 2010 delivery was at $73.26 a barrel 18.30 GMT on the ICE Futures Exchange after starting the day lower.

European stock markets ended the day higher and took a cue from the US Dow Jones which is currently up nearly two percent.

However, later this week sees a new set of US data which could wipe out today’s oil price hike if the figures disapoint.

Some analysts are concerned that several developed economies including countries in Europe and the US may enter a double dip recession, hurting stocks and damaging growth, although in the event of such a situation, it may bring down oil prices simultaneously.

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