WTI oil futures end a positive week near $94 a barrel after weaker than expected data from China showed the country’s manufacturing growth slowed in June for the third straight month, raising concerns about the impact on global oil demand.
WTI Oil Futures – Closing Price
US Light crude oil futures for August 2011 delivery ended the week’s trading session at $94.71 a barrel on the NYMEX, $3.42 higher than last week’s closing price of $91.29.
China, one of the world’s leading oil consumers is a large user of crude and oil prices in 2011 will be affected by demand from emerging markets, with half of all growth coming from Asia.
Greek Financial Situation
Meanwhile in Europe, stock markets fell and the euro dipped slightly against the US dollar.
With the latest unrest continuing in Greece, the EU will soon have to decide whether the country has engaged in enough belt tightening to qualify for its last $17 billion tranche of bailout funding, putting the nation’s debt crisis at bay for a while longer.
“Greek worries could also re-emerge after several days of optimism. We therefore take a neutral stand today.” said Filip Petersson, commodity strategist at SEB Commodity Research.
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WTI oil price ends week at $94 on global financial data
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