WTI oil price ends week at $90, traders back in buy mode

19 February 2011 19 February 2011

BonTrade

WTI oil futures end a bullish trading week back near $90 a barrel as continued Middle Eastern protests have traders and investors buying into WTI futures ahead of the US Presidents Day holiday this weekend.

WTI Oil Futures – Closing Price

US Light crude oil futures for March 2011 delivery ended the week at $89.71 a barrel on the NYMEX, $4.44 a barrel higher than last week’s closing price of $85.27. The March 2011 contract has now expired.

“With a long weekend ahead of them, traders were concerned that they could return on Tuesday to a world that could conceivably be changed from the one left behind.” said analysts at US energy consultancy Cameron Hanover.

Traders continued to eye tensions in the Middle East, where mass protests grew increasingly violent. In Bahrain, protesters said security services opened fire on demonstrators Friday.

Bahrain is adjacent to Saudi Arabia, one of the world’s largest oil exporters, and oil market participants are concerned that protests that have already swept two leaders in the region from power could lead to disruptions of global oil supplies.