Brent oil price closes week’s trading over the $78 mark

11 September 2010 11 September 2010

BonTrade

Brent oil futures close the week’s trading session over the $78 a barrel mark, nearly $2 up on last week’s closing price.

In London, Brent crude oil futures closed at $78.22 a barrel on the ICE Futures Exchange, up on last week’s close of $76.55 a barrel. Meanwhile, the ICE Dollar Index moved from 82.608 to 82.649 in yesterday’s trading.

Brent oil prices closed around one percent up on Friday, which was a small climb compared to it’s trading counterpart, WTI oil futures on the NYMEX which rocketed three percent on the day.

Traders Cover Short Positions for WTI

Oil traders covered short positions for WTI oil futures following late news of a leak at a Canadian pipeline, called Enbridge 6a, which carries crude oil from Canada to the US.

The closure will likely increase stockdraws at Cushing, which is the delivery point for WTI, where oil stocks fell 218,000 barrels for the week ended September 4th, according to the US Department of Energy.