Brent crude oil hangs near $115 in thin trading volumes

31 March 2011 31 March 2011

BonTrade

Brent crude oil futures open Thursday’s trading session hanging near $115 a barrel while investors watch oil prices from the sidelines as trading volumes slip to their lowest levels of the year.

Latest Brent Oil Price

In London, Brent crude oil futures for May 2011 delivery was trading at $115.47 a barrel, 06.15 GMT on the ICE Futures Exchange. The contract closed yesterday’s session at $115.10.

Oil Trading Volume Remains Low

Trading volume was low on Wednesday, while traders and analysts continued to note that the uncertain Libyan and Middle East and Japan scenarios have also helped dampen oil market volume.

Brent oil trading volumes ended yesterday’s session just above 224,000 lots traded and was tracking well below average, while US WTI crude oil trading volume was reported at just over 348,000 lots traded, 56 percent below the 30 day average.

“The lack of trading volume shows a real lack of commitment to bid the market in either direction.” said Addison Armstrong, at Tradition Energy in Stamford, Connecticut.