Brent oil futures closed off the week’s trading session back at $110 a barrel as traders and investors agreed that Europe has much more work to do concerning ongoing debt problems in Greece and other EU countries. Brent Oil Futures – Closing Price ICE Brent crude oil futures for December 2011 delivery ended the week’s trading session at $110.05 a barrel on the ICE Futures Exchange, trading 1.8 percent lower at close yesterday. Brent oil futures closed last week’s session (Friday 21st October) at $109.65 a barrel. Euro Debt Rally Overdone? “There was a bit of euphoria based on the EU meeting and when you look at it, it wasn’t that strong a package. It was a moderate package so it was a little bit surprising to see so much of a rally.” according to Torbjorn Kjus of DNBNor. “Perhaps prices went too high, we are still lacking a lot of detail on the euro zone deal.” said Christophe Barret of Credit Agricole. Brent crude oil prices fell more than $1 per barrel on Friday as investors took another look at the details of a financial rescue plan for the eurozone, which has helped boost both Brent and WTI oil prices this week. Analysts expect that Europe will likely see oil demand fall while Greece and other countries cut spending to get their national debts under control.

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