LP:WTI crude oil price ends week in bullish mode, near $93 a barrel
WTI crude ends a bullish week near $93 a barrel as oil prices jumped higher with markets following positive news out of Europe, as stock markets headed for their best week in more than two years on Friday.
WTI Oil Futures – Closing Price
US Light crude oil futures for December 2011 delivery ended the week’s trading session at $93.45 a barrel on the NYMEX, trading 0.7 percent lower at close yesterday.
US WTI oil futures closed last week’s session (Friday 21st October) at $87.40 a barrel.
Stock Markets and Oil Futures
US WTI crude oil fell $1.95 to a low of $92.01 but was still headed for a weekly rise of around 5 percent. “After a rally like we saw on Thursday, it was reasonable to see oil prices fall.” Torbjorn Kjus of DNBNor said.
US Light oil futures ended slightly lower as market participants reflected on the rescue package unveiled by EU officials on Thursday.
The package, aimed at staving off a disorderly default of Greece, sent crude futures soaring on Thursday. But questions persisted over how the EU will implement the plans and if they will be enough to solve the debt woes.
However, European stock markets closed mostly lower on Friday as investors took a more critical look at the euro debt rescue plan which drove massive gains the previous day in a euphoric relief rally.
“The lack of details out of this European summit really questions the feasibility of this euro debt deal.” said Peter Donovan, vice president at Vantage Trading, an oil options brokerage in New York.
