|
Oil prices end week around $74 mark in uncertain market
Published on June 12, 2010 by oilprices · No CommentsCrude oil prices end the week trading around the $74 mark as a uncertain market and mixed global data sends oil prices up $4 since Monday.
US Light crude oil futures for July delivery dropped $1.70 to close at $73.78 a barrel on the NYMEX, while in London, Brent crude oil futures fell 94 cents to settle at $74.35 on the ICE Futures Exchange.
Oil traders have been trying to get a sense of where prices are headed from a mixed bag of data.
After clawing its way back above $75 a barrel on Thursday for the first time in four weeks, both Brent and Light oil futures contracts fell back again on Friday on news of an unexpected decline in retail sales in the US.
The end of week decline showed how feeble the rally was and how sensitive oil prices remain to economic news, currency rates and stock market swings.