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Brent oil price ends week at $113 on Greece debt fears
Published on June 18, 2011 by oilprices · No CommentsBrent oil prices end the week’s trading session at $113 a barrel as Greece debt concerns played a big role in bringing oil prices lower, with Brent futures heading for it’s biggest weekly fall in six weeks as a dimmer economic outlook knocked oil prices to their lowest in four months.
Brent Oil Futures – Closing Price
Brent crude oil futures for August 2011 delivery ended the week’s trading session at $113.26 a barrel on the ICE Futures Exchange yesterday evening, $5.24 lower than last week’s closing price of $118.50 a barrel. The July 2011 Brent oil futures contract expired on 16th June.
“The fear of the falloff from the Greek debt crisis continues to impact the oil markets. Indications of a possible resolution of the crisis have helped pare some of oil’s losses but investors worry about the stalling pace of US economic recovery.” said Gene McGillian, analyst at Tradition Energy.
Brent Oil Price Heading Lower?
“Greece will weigh into prices next week, it will be an underlying concern for the weeks to come. It’s like watching Lehman in 2008. It’s a problem but we don’t have the solution.” said Olivier Jakob from consultants Petromatrix.
“In the climate of a greater perception of financial markets and economic risks and given the present strength of the US dollar, the oil price correction is likely to continue.” Commerzbank analysts said in a note.
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