WTI oil futures end the week’s trading session back under $88 a barrel as investors sell ahead of the weekend as signs of friction emerged from a key meeting of EU finance ministers seeking a resolution to the debt crisis Greece.<\/p>\n
WTI Oil Futures \u2013 Closing Price<\/strong><\/p>\n US Light crude oil futures for October 2011 delivery ended the week\u2019s trading session at $87.96 a barrel on the NYMEX, closing $0.77 higher than last week’s Friday close of $87.19 a barrel.<\/p>\n Lower trading volumes and traders closing out positions ahead of the weekend made for a volatile session on Friday, with WTI oil prices down as much as 2.6 percent at one point.<\/p>\n Greece Loan Delayed<\/strong><\/p>\n Yesterday, EU finance ministers decided to delay an eight billion euro bailout loan for Greece until they had firmer evidence of Athens\u2019s willingness to cut its deficit. Without the extra funding, observers say Athens will default on its debt.<\/p>\n EU officials and IMF representatives have been visiting Greece on a regular basis to check on the process of government spending cuts before the next loans are released.<\/p>\n “I think the real key worry for the oil markets is that we’re heading into another downturn. It’s a very legitimate worry.” said Bill O’Grady, the chief market strategist at Confluence Investment Management.<\/p>\n Worries that Greece might default on its loan payments have driven much of the recent turbulence in financial markets.<\/p>\n Oil prices have recently been tracking stock markets higher and lower as traders and investors are concerned that oil prices could fall much lower if the world falls back into another big recession, denting crude oil demand.<\/p>\n<\/p>\n