Oil Surges and then Backs Off Monday

March 7th, 2011
in econ_news

oil well1 Econintersect:  The U.S. benchmark oil, WTI (West Texas Intermediate) crude, surged by more than 2% during the day Monday (March 7) to a high of $106.83 a barrel before pulling back to close at $105.44.  The London market saw the spot price for Brent crude decline more than 1% from Friday's close.

Follow up:

From Bloomberg

  • WTI Cushing Spot           $105.44   +1%%
  • Dated Brent Crude          $114.49    -1.1%
  • NYMEX Crude Futures $104.87   +0.4%

The spread between Brent crude and WTI to $9.05.  This has come down more than 45% from $16.60 in one week.  

Sources:   Bloomberg, Yahoo News, CNBC and GEI News 

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