Brent oil price trading back at $113, market remains volatile

Brent oil prices open today’s trading session around $113 a barrel after another big sell off in the oil and commodity markets hit the Brent contract hard and the market continues to remain volatile.

Latest Brent Oil Price

In London, Brent crude oil futures for June 2011 delivery was trading at $113.18 a barrel, 08.30 GMT this morning on the ICE Futures Exchange.

ICE Brent oil futures for June delivery ended yesterday’s trading session at $112.57 a barrel, down $5.06, or 4.3 percent, after two successive sessions of gains.

Short Term Buying Opportunity?

“As we continue to expect higher prices near term, we view the recent dip in oil as short term buying opportunity. With limited oil supplies and a supportive demand environment in the short run, Brent crude oil prices should still trade close to an average of $122.” according to analysts led by New York based head of commodities research Francisco Blanch.

Oil Market Remains Volatile

The tremendous volatility of the crude oil market and many others in recent days, has led many traders to seek refuge on the sidelines. Uncertainty over short term commodity prices and the global economy still weighed on demand for riskier assets and oil trading will remain an opportunity for the few, but not for the faint hearted.

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Brent oil price trading back at $113, market remains volatile