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Brent oil trading past $77 as oil prices set to go higher
Published on July 21, 2010 by oilprices · No CommentsBrent oil futures are trading higher on Wednesday afternoon, sailing past the $77 mark as many current market pointers could see oil prices go higher and through $80 a barrel in the short term.
In London, Brent crude oil futures for September 2010 delivery was trading at $77.15, 14.00 GMT on the ICE Futures Exchange which is nearly a dollar up on the day’s opening price.
IMF Says Low Oil Prices a Risk to Middle East Future
Meanwhile, economic growth in the six Gulf Arab countries is strengthening but a major risk to the outlook is if oil prices remain low for a protracted period, the IMF said today.
“This, along with projected higher oil prices, should improve fiscal and external balances,” the report said. It goes on to project that a rebound in imported food prices is likely to boost inflation to 4% in 2010. The main risk to the outlook is a sharp decline in oil prices, the report warned.
Brent crude oil futures rose for a third straight day on Wednesday as economic optimism reflected in stronger equities markets helped keep oil prices bolstered.
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