Brent oil price closes week over $101, eyes still on Egypt

12 February 2011 12 February 2011

BonTrade

Brent oil futures closed the week’s trading session firm over $101 a barrel after Egypt’s President Mubarak resigned yesterday, however a power vacuum now exists in the country and traders and investors will be keeping an eye in the unfolding situation.

Brent Oil Futures – Closing Price

Brent crude oil futures for March 2011 delivery ended the week’s trading session at $101.41 a barrel on the ICE Futures Exchange, which is $1.29 higher than Brent’s close last week at $100.12.

The price of Brent crude oil rose sharply in early trading yesterday when it appeared that the Egyptian leader would cling to power, raising fears about the key Suez canal transport route. However, after news that the president of Egypt has resigned, Brent hung onto recent gains, mainly on uncertainty over oil supply from the Middle East.

Brent, the key London oil futures contract, has risen more than the US benchmark WTI and is now trading at a $16 premium to it’s US counterpart.