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:
- 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
