Brent oil futures open Monday’s trading session back under $112 a barrel as the US dollar makes a comeback on concerns surrounding Greece hit the euro. Latest Brent Oil Price In London, Brent crude oil futures for August 2011 delivery was trading at $111.87 a barrel, 07.30 GMT this morning on the ICE Futures Exchange. On Friday, Brent settled at $113.21 a barrel, its lowest level since 24th May, falling 4.7 percent for the week. Greece Crisis “There is full fledged fear of this Greece crisis falling apart. At the end of the day, they will get a bailout, but there is fear of a contagion, a mini crisis not very long after the Lehman collapse.” said Tony Nunan, a risk manager with Mitsubishi Corp, Tokyo. Still, oil is unlikely to dip further because supply side concerns remain alive as unrest in the Middle East and North Africa continues, and the current slump will offer a buying opportunity, Victor Shum, an analyst at Purvin & Gertz, said. “Two factors have contributed to the collapse in oil futures, Greece and the US economic outlook. But the pull back in oil prices is temporary because the Greece crisis will pass and supply side concerns remain.” said Tony Nunan at Mitsubishi Corp.

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