Oil prices started the week with sharp rises which changed into fall by the end of the week; by the end, Brent oil price added 4% to its value, while WTI spot oil moderately declined by 0.74%, resulting in the spread between Brent oil and WTI oil rising to $21.58/b – its highest since June 13th. The recent news from the US regarding the disappointing labour report might have been among the factors to drive oil prices down by the end of the week.
Let’s review the changes during last week (July 5th to July 8th) of oil prices:
Oil prices – highlights
WTI price declined during last week by 0.74%; its weekly average price on the other hand rose by 3.64% as it reached $97.12 per barrel, compared with last week’s $93.7 per barrel.
Brent average price also inclined by 6.15.6% compared with previous week’s average.
The difference between the Brent and WTI prices sharply inclined and averaged at $17.90, and it finished the week at $21.58.
The rising gap between Brent and WTI might suggest that the European oil market is tightening up compared to the U.S. oil market.
The following chart shows last week’s trend of WTI oil, NYMEX Futures Prices (August delivery) and Brent price:
The chart presents a moderate upward trend for Brent, while WTI remained nearly unchanged during most of the week.
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