Oil prices didn’t change much during the past couple of weeks; last week wasn’t any different as crude oil prices moderately declined after they had moderately inclined the week before. The US GDP 2011 Q2 didn’t grow by a high rate (only 1.3%); this news might have affected traders to trade down oil prices on Friday. By the end of the week, Brent lost 1.23% of its value, and WTI declined by 3.3%, resulting in the spread between Brent and WTI reaching $21.11/b on Friday.
WTI declined during last week by 3.3%; its weekly average price fell by .0.19% as it reached $97.82 per barrel, compared with last week’s $98.01 per barrel. The average daily per cent change of oil price (WTI) was -0.78%.
Brent price also declined by 1.23% during the week, and the average price fell by 0.60% compared with previous week’s average.
The difference between the Brent and WTI prices moderately declined during the week and averaged at $19.67; it finished the week at $21.11.
The high gap between Brent and WTI continues to suggest that the European oil market is still tighter than in the U.S. oil market.
Oil Stocks –highlights:
For the week ending on July 22nd according to the recent EIA report of the US oil market, the US oil stocks sharply rose by 9.16 million barrels and reached 1,809 million barrels – the highest stockpiles since December 10th, 2010.
Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.