ICE Brent oil price ends Friday’s trading session at $109 a barrel

ICE Brent oil futures closed Friday’s trading session back at $109 a barrel as the price of crude made slight gains in line with stock markets, which closed mildly higher on what seemed positive news out of Europe regarding the euro zone debt crisis.

Brent Oil Futures – Closing Price

ICE Brent crude oil futures for January 2012 delivery ended the week’s trading session at $108.88 a barrel on the ICE Futures Exchange, or 0.7 percent higher on the day.

Brent oil futures closed last week’s session (Friday 2nd December) at $110.10 a barrel.

Oil Prices Post Weekly Losses

Brent and US crude futures both posted weekly losses, and sources said skepticism about the latest European Union agreement to tackle their debt crisis limited crude price gains on Friday, along with weak heating oil futures.

Low volume trading helped keep oil trading volatile, and oil futures did not get much of a boost initially from a report showing US consumer sentiment rose in early December to its highest level in six months.

All 17 members of the euro zone and six other countries that aspire to join the bloc agreed to negotiate a new deal alongside the EU treaty with a tougher deficit and debt regime to insulate the euro zone against the debt crisis.

“The oil complex proved less enthused about the EU summit agreement than was the case with the stock market.” said Jim Ritterbusch, president at Ritterbusch & Associates.

Tags:  barrel, brent, brent oil price, Europe, ICE, ice brent, markets, oil, oil prices, price, trading