Oil Prices Are Rising Again, Markets Down

Published by Filipe R. Costa on Wed, 09/03/2011 - 18:31
oil barrel

After a two-day break, oil prices are rising again having hit USD 116 in today's session. OPEC announcement of raising output led oil down to USD 112, but that was not a long-lasting move.

Investors are closely monitoring oil price behavior. If the price escalates to 150-200 USD, we will probably face a world recession. Instability in Libya and North Africa are still a very black cloud over equity markets, and the FTSE 100 was not able to end today's session in positive terrain. FTSE 100 was down to 5937.30, -0.63%.

US equity markets opened lower, although the DOW 30 is giving some resistance over the day, keeping some small gains.

The pair EUR/USD is not changing much today, trading around 1.39. Gold is also keeping its price around 1430. Brent crude is rising and trading close to 116.