Brent oil price finishes quiet trading week firm at $76

Brent oil prices held firm around the $76 mark in a quieter trading week and ended at $76.55 a barrel, slightly down on last week’s close of $76.93 on the ICE Futures Exchange.

In London, Brent crude oil futures for October 2010 delivery ended Friday’s trading session at $76.55 after falling near the $74 mark earlier in the week.

“Oil prices are still pretty lofty, given supply and the economic backdrop. The economic outlook is at best mixed.” said John Kilduff at Again Capital, a New York hedge fund that focuses on energy.

Brent Oil Price Forecast by Nordea Bank

Meanwhile, Swedish Nordea Bank has estimated that the price of ICE Brent crude oil futures could top the $100 a barrel mark within the next two years.

Stockholm based Nordea predicts that Brent oil prices will average $79 during the remainder of 2010, before trading higher to $85.75 in 2011 and over the $100 a barrel mark to $102.50 in 2012.

Short Term Oil Price Forecast – Nordea Bank

“In the short term, there is a risk that oil prices may fall below the underlying trend as fears of a new recession in the US may intensify and weigh on risk appetite. The recovery of oil demand is expected to lose momentum in the short term as economic growth in key oil consuming countries is expected to slow.” said Nordea analyst Thina Saltvedt in the report.

Medium Term Oil Price Forecast – Nordea Bank

“In the medium term, oil prices may surprise on the upside if the rebound in the world economy and the demand for oil is stronger and the increase is more rapid than expected.”

Nordea predicts the extra crude oil capacity of OPEC will drop off near the end of 2011, and at that time Nordea Bank believes that economic growth will be starting to take off, driving Brent oil prices higher.

Tags:  brent, brent oil price, futures, ICE, ice futures exchange, nordea bank, oil, oil prices, oil trading, price