LP:WTI oil trading at $85 on lower Asian and Euro stock markets
WTI oil futures open Monday’s trading session back around $85 a barrel as stock markets in Asia and Europe fall lower on concerns over a default by Greece and that Italy’s debt crisis may be worsening.
Latest WTI Oil Price
US Light crude oil futures for October 2011 delivery was trading at $85.26 a barrel, 08.35 GMT this morning in electronic trading on the NYMEX.
Stock Markets
Stock markets had suffered heavy losses on Friday after the surprise resignation of the ECB’s chief economist, Juergen Stark.
“We are watching Greece, and only Greece. Conditions are getting very serious and everyone is worried how the issue will unfold.” said Satoshi Tate, a currency dealer at Mizuho Corporate Bank.
The recent dips in stock markets have been one of the main drivers for oil prices as investors become concerned that oil demand may drop off a cliff.
