WTI oil futures end the week’s trading session back at $99 a barrel after reports that Saudi Arabia would defy its OPEC member country partners and start pumping an extra one million barrels of oil per day to help lower world oil prices.
WTI Oil Futures – Closing Price
US Light crude oil futures for July 2011 delivery ended the week’s trading session at $99.11 a barrel on the NYMEX, $1.38 lower than last week’s closing price of $100.49.
Saudi Eyes Asian Market
Industry sources said that Saudi Arabia was in talks to ship more crude oil to Asian refiners, after failing at a meeting on Wednesday to persuade other OPEC members to join it in raising production targets.
A proposal by Saudi Arabia and its Gulf Arab allies the UAE and Kuwait to lift OPEC production was blocked by seven producers, including Iran, Venezuela and Algeria.
“The Saudi intention is to show that they cannot be pushed around. Either OPEC follows the Saudi lead or they will have problems.” said Middle East energy analyst Sam Ciszuk at IHS.