{"id":13613,"date":"2011-04-01T07:36:05","date_gmt":"2011-04-01T05:36:05","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13613\/brent-oil-trading-at-117-up-over-23-percent-for-q1-of-2011\/"},"modified":"2011-04-01T07:36:05","modified_gmt":"2011-04-01T05:36:05","slug":"brent-oil-trading-at-117-up-over-23-percent-for-q1-of-2011","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13613\/brent-oil-trading-at-117-up-over-23-percent-for-q1-of-2011\/","title":{"rendered":"Brent oil trading at $117, up over 23 percent for Q1 of 2011"},"content":{"rendered":"

Brent oil futures open Friday’s trading session at $117 a barrel as both Brent and WTI oil prices move higher on supply concerns while Brent ends the first quarter of 2011 over 23 percent higher.<\/p>\n

Latest Brent Oil Price<\/strong><\/p>\n

In London, Brent crude oil futures for May 2011 delivery was trading at $117.17 a barrel, 06.20 GMT this morning on the ICE Futures Exchange.<\/p>\n

Brent Crude’s Big Leg Up<\/strong><\/p>\n

ICE Brent crude oil futures have seen a big leg up in Q1 of 2011, registering over 23 percent higher than the year’s opening price of $95.01 Brent Oil Price – 3rd Jan 2011<\/a><\/p>\n

WTI oil futures, the US NYMEX contract also gained, but not as much, rising 17% in this year’s first quarter, compared with a 15% rise in the whole of 2010.<\/p>\n

Brent oil prices are still well below the record near $147 a barrel, hit in 2008, however there is concern about further increases because, when oil suddenly gets more expensive, it can drag down economic growth significantly.<\/p>\n

It seems that oil is back as the king of commodities and rising oil prices may have far reaching implications for other commodity markets, because energy is a major input cost for producing other materials and, if pricier oil slows economies, demand for other goods can take a hit as well.<\/p>\n

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