Brent oil prices hover around $125, traders remain cautious

Brent oil prices open Friday’s trading session hovering around $125 a barrel as both traders and investors remain cautious, or absent from the market while regional holidays account for thin trading.

Latest Brent Oil Price

In London, Brent crude oil futures for June 2011 delivery was trading at $124.82, 07.10 GMT this morning on the ICE Futures Exchange, after dropping to a session low of $124.07 and a high of $126.66 yesterday, near its 2011 high of of $127.02, reached on 11th April.

Brent oil futures trading volume hit 373,000 lots, 4 percent below the 30 day average, while US WTI oil futures trading volumes were 15 percent below the 30 day average.

Thin Market Trading

“The markets are thin and they’re not 100 percent sold on direction right now. We’re looking at two consecutive holidays in Europe. Nobody wants to commit yet, and I don’t think that will happen until next week, when you have new fund money at the start of the month.” said Carl Larry, president of Oil Outlooks & Opinions, Houston.

Financial markets in the UK and some other European countries were closed on Monday for the Easter holiday, while the UK has another public holiday today for the wedding of Prince William and Catherine Middleton, and the UK and a number of other countries including Germany and China will be closed for a bank holiday on 2nd May.

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Brent oil prices hover around $125, traders remain cautious