Brent oil futures open today’s trading session back at $105 a barrel as the last two days have seen the oil contract jump over 5 percent, however analysts are concerned that oil prices could be in for a further correction on the downside. Latest Brent Oil Price In London, Brent crude oil futures for November 2011 delivery were trading at $105.47 a barrel, 08.30 GMT this morning on the ICE Futures Exchange. Oil Price Lows Anxiety over Europe’s sovereign debt crisis has pressured global stock markets and has also pushed US oil prices back to year lows, with the European Brent contract dipping to 7 month lows earlier this week. “The market sees these as piecemeal measures, a band-aid on the problems. The market is disappointed. The ECB is looking slightly behind the curve.” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. “There is an easing of prices on profit-taking. The economic outlook in Europe and US remains uncertain.” said Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz. Brent Oil Price Outlook Brent crude futures have slipped 8.4 percent since 15th September amid concerns the debt crisis in Europe will crimp demand for fuels. Brent oil pices have yet to find a floor because of damage to consumer and business confidence, SocGen said in a report yesterday from analyst Michael Wittner in New York. The report suggested that ICE Brent may trade between $90 and $100 a barrel for the rest of this year.

Source