{"id":13570,"date":"2011-03-26T07:02:27","date_gmt":"2011-03-26T06:02:27","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13570\/brent-oil-futures-close-the-week%e2%80%99s-trading-session-at-116\/"},"modified":"2011-03-26T07:02:27","modified_gmt":"2011-03-26T06:02:27","slug":"brent-oil-futures-close-the-week%e2%80%99s-trading-session-at-116","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13570\/brent-oil-futures-close-the-week%e2%80%99s-trading-session-at-116\/","title":{"rendered":"Brent oil futures close the week\u2019s trading session at $116"},"content":{"rendered":"

Brent oil futures close off the week’s trading session back near $116 a barrel as crude oil supply concerns from Libya has traders and investors uncertain about short term oil price direction.<\/p>\n

Brent Oil Futures \u2013 Closing Price<\/strong><\/p>\n

Brent crude oil futures for May 2011 delivery ended the week\u2019s trading session at $115.95 a barrel on the ICE Futures Exchange yesterday evening, $1.44 higher than last week\u2019s closing price of $114.51 a barrel.<\/p>\n

JP Morgan Forecasts Higher Brent Price<\/strong><\/p>\n

JP Morgan analysts warned in a research note yesterday that higher oil supplies from OPEC will be needed to meet summer demand and sees the strong likelihood of a price spike of up to $130 a barrel for Brent crude oil.<\/p>\n

The analysts, citing expectations that 1.6 million barrels a day of Libyan oil will be out of the market longer than had been anticipated, raised the second quarter Brent oil price forecast to $118 a barrel, up from $105 previously. They see US benchmark, WTI crude oil futures averaging $111 a barrel next quarter.<\/p>\n

“There is a real risk that oil producers respond to, rather than pre-empt, price signals, or perhaps wait until OPEC’s meeting in June before raising oil output. By then, it will be too late to prevent higher oil prices.” the analysts said.<\/p>\n

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