Oil Prices Ease Friday

March 18th, 2011
in econ_news

oil rig north sea2 Econintersect:  Oil prices and futures surged as much as $2 early in the day Friday, March 18.  Then news of the UN approval of a no-fly zone resolution for Libya and reported lower growth estimates for China knocked prices down and oil ended lower in both London (Brent crude) and New York (WTI crude).  The $2 forwardation for April futures for WTI (West Texas Intermediate crude - NYMEX), noted by GEI last night, was completely removed by trading today.  Closing price details from Bloomberg:

Follow up:

  • WTI Cushing Spot            $101.07     -0.35%
  • Dated Brent Crude           $114.30     -0.44%
  • NYMEX Crude Future    $101.07     -0.35%

Sources:  Bloomberg, GEI News, and The Oil Drum

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