Oil prices look set for another choppy week’s trading in the run up to December as the dire debt situation surrounding several European countries plays out, affecting global stock markets as investors worry that the situation is spiralling out of control.
Latest Crude Oil Prices
US WTI oil futures opened Monday’s trading session at $98.59, 07.32 GMT in electronic trading on the NYMEX, whilst Brent oil futures were trading at $107.84 on the ICE Futures Exchange.
Both contracts saw early gains today as Asian stock markets traded higher.
Stock markets in Asia rose today on news that Germany and France had discussed plans to speed up integration in the eurozone, providing officials with greater powers to enforce fiscal discipline.
“For the most part everything is trading together. The more the EU, ECB, and IMF do to bolster the eurozone the better it will be for stock markets and oil.” said Matt Grossman, Chief Equity Market Strategist for the Adam Mesh Trading Group.
Crude oil prices have fallen amid investor concern that Europe’s debt crisis will undermine global economic growth and oil demand.