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Crude oil prices close trading higher for 2nd week running
Published on June 19, 2010 by oilprices · No CommentsCrude oil prices are trading closer to the $80 mark at close on Friday as both NYMEX and ICE oil futures contracts saw an increase of several dollars this week.
This Week’s Oil Futures Closing Prices
In the week ending 19th June, WTI Light crude oil futures for July closed at $77.18 a barrel on the NYMEX, while Brent crude oil futures closed at $78.22 a barrel on the ICE Futures Exchange.
Last Week’s Oil Futures Closing Prices
In the week ending 12th June, WTI Light crude oil futures closed at $73.78 a barrel on the NYMEX, while Brent crude oil futures closed at $74.35 on the ICE Futures Exchange.
Prices of long dated WTI US crude, which include contracts to December 2018, have remained fairly steady around $95 since BP’s Deepwater Horizon explosion on April 20th 2010.
But possible effects on the oil industry from the Gulf of Mexico oil spill continues to be a factor, especially if it limits growth in deepwater oil supplies if tougher new US regulations that increase costs are imposed.
“Oil prices pushed higher over the past week, gaining in line with other commodities amid improving risk sentiment and a pronounced correction in the dollar index,” added VTB Capital analyst Andrey Kryuchenkov.
“We continue to see an uptrend in oil prices over June and July as demand seasonally increases, and if forecasts for an active 2010 hurricane season are borne out, oil supply risks could mitigate a tempering of autumn demand,” analysts at JPMorgan Chase said in a report.
Tags: contracts, crude, futures, ICE, NYMEX, oil, oil prices, prices, trading