Brent oil price ends week back near $110 a barrel

Brent oil price ends the week back near $110 a barrel, closing yesterday’s trading session higher after markets rose when Greece was finally released an €8 billion euro aid package for the beleaguered country.

Brent Oil Futures – Closing Price

ICE Brent crude oil futures for December 2011 delivery ended the week’s trading session at $109.65 a barrel on the ICE Futures Exchange.

Benchmark crude prices rose as European finance ministers approved the next round of bailout loans for Greece, which should head off a disastrous default that could impact other countries in the region and slow their economies.

Although the agreement will allow Athens to avoid imminent default, a report leaked at the Brussels summit on Friday night suggested the terms of the second Greek bail-out would have to be ripped up in order to stabilise the country.

The report, prepared for the troika of the IMF, ECB and European Commission, suggested that Greece’s economy has deteriorated to such an extent that lenders would have to find €252bn in loans by the end of the decade.

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Brent oil price ends week back near $110 a barrel