WTI oil price ends 2011 just under $99, 19 percent higher than last year
BonTradeThe price of US WTI oil futures end 2011 just under $99 a barrel and will finish about 19 percent higher on average, after a volatile year dominated by concerns about global oil supplies and Middle East tensions.
WTI Oil Futures – Closing Price
US Light crude oil futures for February 2012 delivery ended the week’s trading session at $98.83 a barrel on the NYMEX, trading 0.6 percent lower at close yesterday.
2011 Average Price – US Light WTI Oil
Overall in 2011, WTI crude oil prices averaged $95.09 per barrel on the NYMEX. That’s up from $79.64 in 2010 and $62.11 in 2009. The US Energy Department expects US Light crude oil prices to rise further in 2012 to an average of $98 per barrel.
Oil prices are again flirting with $100 per barrel following threats from Iran to close key shipping lanes in the Persian Gulf.
Iran, which has been accused of trying to build a nuclear weapon, has been threatening to shut down the Strait of Hormuz if the US and other countries target the country with new sanctions.
Iran’s recent threats to shut the Strait of Hormuz, a vital oil shipping chokepoint, added another geopolitical threat to markets gripped throughout the year by the unrest of the Arab Spring, most notably shutting exports from OPEC member Libya.
The market was also closely eyeing news Iran plans to fire long range missiles during a naval drill in the Gulf on Saturday.
“The 2011 price gains belied an extremely volatile pricing environment that saw US values drop to as low as $75 in early October after advancing to around $115 in early May.” Jim
Ritterbusch, president at Ritterbusch & Associates said in a note.
US Light crude oil prices rose 8.2 percent from the close of 2010, outperforming most other commodities tracked in the 19 commodities tracked on the Thomson Reuters CRB index that fell on the year.
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WTI oil price ends 2011 just under $99, 19 percent higher than last year
