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WTI oil price closes off a see saw week back under $98 a barrel
Published on November 19, 2011 by Editor · No Comments
The price of WTI oil futures closed off the week’s session back under $98 a barrel in a see saw trading pattern that temporarily pushed US crude oil above $103 at midweek for the first time since July.
WTI Oil Futures – Closing Price
US Light crude oil futures for January 2012 delivery ended the week’s trading session at $97.41 a barrel on the NYMEX, trading 1.4 percent lower at close yesterday.
US WTI oil futures finished last week’s session (Friday 12th November) at $98.99 a barrel.
WTI – $103 a Barrel
The benchmark price for WTI jumped as high as $103.37 on Wednesday, following an announcement by two Canadian pipeline companies that they would bring oil from a key delivery point in Cushing to the Gulf Coast. That will reduce a glut of crude in the Midwest that has weighed on benchmark prices this year.
Profit Taking
“It’s reached levels where you should be taking profits. There is the risk here in the short term for a substantial correction.” said Brian LaRose, an energy analyst at brokerage United-ICAP.
Still, investors expect oil prices could continue to rise through next year, as demand for fuel products in developing countries burns through inventories.
WTI Oil Price Forecast
On Friday, BNP Paribas raised its oil price forecast for next year, and now expects NYMEX WTI oil futures to average $104 a barrel, up from a prior forecast of $101 a barrel. The firm expects Brent to trade at $116 a barrel in 2012, unchanged from its previous forecast.
Tags: barrel, crude, crude oil, oil futures, oil price, Oil Price Forecast, trading, WTI