Econintersect: World oil prices advanced to approach recent highs for this cycle on Tuesday, March 22, 2011. Spot prices were 1.6% higher in New York (WTI – West texas Intermediate – crude) and 1.4% higher in London (Brent crude). The NYMEX futures contract increased nearly $1 more than the spot price for a 2.6% gain on the day. Both London Brent crude spot prices and the NYMEZ futures have declined about 0.2% in after hours trading. WTI crude spot oil does not trade after hours.Details from Bloomberg:
- WTI Cushing Spot $104.oo +1.6%
- Dated Brent Crude $115.83 +1.2%
- NYMEX Crude Future $104.97 +2.5%
Sources: Bloomberg, GEI News, and The Oil Drum