LOP:Brent oil prices near $119, record spread against US contract
Brent oil prices open today’s trading session back near $119 a barrel as the spread between Brent and WTI oil contracts comes back to record levels, marking up near a $21 difference in trading prices yesterday.
Latest Brent Oil Price
In London, Brent crude oil futures for July 2011 delivery was trading at $119.37 a barrel, 06.23 GMT this morning on the ICE Futures Exchange. The Brent contract closed off yesterday’s trading session flat at $118.95 while the US contract plunged over two percent.
Oil Spread at Records
For those unfamiliar with the term, the spread refers to the difference in price between Brent North Sea crude oil and the US WTI crude oil futures contracts.
Oil traders have said many investors appeared to have been taking funds out of WTI crude oil on the NYMEX and switching into ICE Brent crude oil futures instead. The move into the European, or global oil market has helped push 2011 Brent oil prices up sharply compared with US WTI oil prices.
