Brent oil prices closed Friday’s trading session at $114 a barrel as the spread between Brent and US WTI oil moves back to around $15 as US oil supply data pushes the American oil contract higher, back near the $100 mark.
Brent Oil Futures – Closing Price
ICE Brent crude oil futures for December 2011 delivery ended the week’s trading session at $114.16 a barrel on the ICE Futures Exchange, trading 0.3 percent higher at close yesterday.
Brent oil futures closed last week’s session (Friday 5th November) at $114.45 a barrel.
US Oil Supplies
American crude oil, gasoline and diesel supplies have been falling this year, and continued declines could push oil prices higher. The US government said this week that crude oil supplies are 7.3 percent below their 5 year average, while gasoline supplies are 2.9 percent lower and diesel supplies are down 7.5 percent.
“We have got much lower stocks and higher oil demand.” said Peter Beutel, president of trading advisory company Cameron Hanover.
“The fundamentals in the oil market have been pretty good and demand is strong enough to tighten the balance.” said Katherine Spector, a commodities strategist with CIBC World Markets, New York.
Brent to US WTI Oil Spread
The price spread between the world’s two main oil benchmarks widened to a record of over $28 in October as Brent and US WTI oil prices moved apart, mainly due to oil supply problems in Europe and Africa.
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Brent oil price closes week flat at $114, WTI spread closes
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