Brent oil price closes week under $113 as stock markets fall

Brent oil prices end a mixed week back under $113 a barrel as European and US stock markets once again are seen falling lower, however after several days trading gains, Brent crude is holding onto recent gains.

Brent Oil Futures – Closing Price

ICE Brent crude oil futures for October 2011 delivery ended the week’s trading session at $112.65 a barrel on the ICE Futures Exchange, $1.58 higher than last weeks closing price of $111.07 a barrel.

Stock Markets Fall

After a week when many of the European stock markets made gains following a tough few weeks in August that saw big slides lower in every major economy.

European and US stocks fell further in trading on Friday after the release of weak US employment data that fuelled concerns over the slowdown of the world’s largest economy.

“We’re calling for a mild recession at this point.” according to Julia Coronado, chief economist for North America at BNP Paribas, New York.

However some forecasters remain more optimistic.

“When the smoke clears and we see how the stock market reacts, we could see a rebound.” said energy derivatives and research director Carl Larry with Blue Ocean Brokerage.

Last week, traders on the ICE Futures Exchange boosted net longs in Brent oil by 0.6 percent or 146 contracts to 22,848.

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Brent oil price closes week under $113 as stock markets fall