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Light oil price trading near $76 on European debt concerns

Light crude oil futures open trading on Wednesday and dipped under $76 as the oil fell for a second day on continued concerns that the European bailout is insufficient to end the region’s sovereign debt crisis.

US Light crude oil for June delivery dropped as much as 73 cents, or 1 percent, to $75.64 a barrel on the NYMEX.

Crude oil traders have been eyeing how the euro reacts after European policymakers unveiled a $1 trillion debt bailout package earlier this week.

Commodities priced in dollars, such as oil, become more expensive for investors holding euros as the US dollar strengthens.

Meanwhile, BofA Merrill Lynch Global Research analysts said in a note to investors that the currency effect on oil prices may be limited and that crude will top $100 at some point next year.

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Comments

Let’s see…

US reserves are sky high.

Demand is down.

Unemployment lies softened a bit last month and it’s now up to 9.9% officially because people who had given up are now again looking for a job. Weren’t they unemployed already???

Yup…Greece and the PIIGS received a bailout which will only delay the collapse and not save them and to help out, the good old USA will print another trillion or so that has no value except for the paper it’s printed on.

BOA, GS, etc are now touting to the lemmings that oil will go to $100. It will kill our economic “recovery”. The US will fall along with Europe…especially if the speculators do what the big investment banks are whispering in their ear to do….and who will profit? The big boys who are betting against those that they are whispering to while the rest of the investors go down with common man.

Do you people have any realization of what is truly going on at street level where people truly reaching their breaking point?

My guess is that you’re totally out of touch with reality but if nothing else…you are a fun bunch to watch.

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