Brent crude oil futures opened the week’s trading session at $108 a barrel as markets look to remain nervous as investors still seem unconvinced about the outlook for the world’s major economies in the US and Europe.
Latest Brent Oil Price
In London, Brent crude oil futures for September 2011 delivery was trading at $108.35 a barrel, 08.35 GMT this morning on the ICE Futures Exchange.
“The market is still nervous. We’ve got a big week of numbers. I think the market has to try and get into the week on a positive note.” said Jonathan Barratt, MD of Commodity Broking Services in Sydney, Australia.
Oil prices saw a tiny one cent rise in the price of Brent crude in London on Friday, but prices of US WTI fell in New York, meaning the respective oil futures contracts lost ground for a third straight week.