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Oil prices above 72 dollars as eurozone worries weigh

business Updated: Jun 02, 2010 13:10 IST

AFP
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Oil prices were mixed in Asian trade today, with investor sentiment weighed by continuing concerns over the eurozone economy.

New York's main contract, light sweet crude for delivery in July, gained 10 cents to 72.68 dollars a barrel, while Brent North Sea crude for July shed 11 cents to 72.60 dollars in the afternoon.

"Crude is especially tied to the euro especially during the Asian hours. The picture in Europe is pretty bleak now and the (oil) market in general is quite volatile," said Clarence Chu, an oil trader with Hudson Capital Energy.

While the euro was firmer in Asian trade today, Chu said investors remained concerned after the European Central Bank (ECB) warned of new bank writedowns, fuelling further anxiety over the shaky eurozone economy.

The ECB suggested that eurozone banks might have to reduce the value of their assets by a total of 195 billion euros (240 billion dollars) by 2011.