WTI oil price ends Friday at a 6 week high, shy of $100
BonTradeUS WTI oil prices headed back towards $100 a barrel in trading this week and closed Friday’s session just shy of the triple digit number as debt talks in the US and Europe continue to rattle and drive currency and commodity markets.
WTI Oil Futures – Closing Price
US Light crude oil futures for September 2011 delivery ended the week’s trading session at $99.87 a barrel on the NYMEX, which was still $2.63 higher than last week’s closing price of $97.24.
US Debt Talks
Top US Treasury Department and Federal Reserve officials huddling Friday said they remain confident that lawmakers will reach a deal to raise the $14.29 trillion debt ceiling by 2nd August, even as they discussed the potential fallout if an accord can’t be reached.
A debt deal in the US would improve the economic outlook for America but real signs of US economic recovery will be needed to for WTI oil price gains above $100 to stick.
“There are still a lot of near term problems. Demand is sluggish. One has to wonder how sustainable is this.” said Andy Lebow, a vice president at brokerage MF Global in New York.
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WTI oil price ends Friday at a 6 week high, shy of $100
