WTI oil futures end Friday’s trading session at $85 a barrel as a weaker US economic outlook dented oil prices, whilst American oil inventory falls saw oil prices stage a rally and a general stock market rebound on Friday provided further fuel for crude oil prices. WTI Oil Futures – Closing Price US Light crude oil futures for September 2011 delivery ended the week’s trading session at $85.38 a barrel on the NYMEX. WTI oil prices lost 1.7 percent from last Friday’s settlement, a modest loss that saw violent 14.3 percent high to low swing in intraday trading prices. A Crazy Trading Week This week has seen big swings in global stock markets, currency and commodity markets, with gold and the Swiss franc hitting record highs as investors flee for safe haven assets, whilst oil took a hit one way, then recovered. By mid week, the IEA and OPEC issued fresh forecasts showing tight global crude oil inventories will need to be drawn down further in the second half of 2011 to meet world oil demand. US Economic Figures Weigh US consumer sentiment dropped to its lowest level in 30 years, with the Thomson/Reuters US consumer sentiment index dropping to 54.9, the lowest level since May 1980 from 63.7 at the end of July. Economists had expected a rise to 62. Meanwhile, according to the June report by the US Labour Department, US unemployment rose from 9.1 percent the previous month to 9.2 percent, which indicates that there was essentially no growth in number of American jobs. A weaker US ecomony will dent American crude oil demand, affecting WTI oil prices which are still at a record low spreads to Europe’s Brent oil futures contract.

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