Brent oil futures open today’s trading session at $107 a barrel as lower stock markets around the world cap oil prices and the trend continues on Friday with Asian markets once again remaining on a negative footing.
Latest Brent Oil Price
In London, Brent crude oil futures for January 2012 delivery was trading at $107.65 a barrel, 08.12 GMT this morning on the ICE Futures Exchange. The European oil contract closed off yesterday’s session in this range, in light trading as the US had a national holiday.
Asian stock markets were mostly lower Friday after Germany continued to oppose a bigger role for the ECB in managing the continent’s debt crisis and Portugal’s credit rating was lowered to junk.
Japan’s Nikkei 225 index rose 0.1 percent to 8,176.46 while South Korea’s Kospi lost 1.2 percent at 1,772.16. Hong Kong’s Hang Seng dropped 1.3 percent to 17,704.54 and Australia’s S&P/ASX 200 shed 1.6 percent at 3,981.30.
In London, the FTSE 100 ended lower for the ninth consecutive session on Thursday, marking its worst run since January 2003, closing 0.24 percent lower at 5,127.57 points.
Weaker stock markets are negative for oil prices and a stronger US dollar is also holding oil futures lower. However, with oil supply concerns in the Middle East still on the minds of many investors and traders, the price of Brent looks set to hold out over $100 a barrel in the run up to the new year.