WTI oil price closes week over $112 on rising demand

US WTI oil futures closed off a shorter trading week back over $112 a barrel as rising oil demand from Asian economies, together with a weaker US dollar has oil prices and other commodities back in bullish mode.

WTI Oil Futures – Closing Price

US Light crude oil futures for June 2011 delivery ended the week’s trading session at $112.29 a barrel on the NYMEX, $2.63 a barrel higher than last week’s closing price of $109.66. Today the markets are closed for the Good Friday holiday.

Oil analysts are watching to see if soaring crude oil prices could erode demand around the world, however China and other Asian economies are still seeing positive growth and oil demand figures, suggesting that demand is still strong.

China was the single biggest factor in world oil demand growth in 2010. Meanwhile, US crude oil and petrol demand jumped 7.3 percent higher in March from a year earlier.

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WTI oil price closes week over $112 on rising demand