The oil market had a less volatile week during the first week of November as oppose to the last week of October, but the news from Europe regarding the Greek debt crisis brought some volatility to the oil market; the ECB rate reduction also helped shack the financial markets, and the news of the U.S and Canada labour reports, which were published on Friday, may have also helped keep oil high.
By the end of the week, Brent inclined by 2.77% and WTI added 1.15%; to its value; as a result, the spread between Brent and WTI rose to $18.29/b on Friday.
WTI inclined during last week by 1.15%; its weekly average price also sharply rose by 1.01% as it reached $93.24 per barrel, compared with last week’s $92.32 per barrel. The average daily per cent change of oil (WTI) was 0.20%.
Brent also rose by 2.77% during the week, but the average price fell by 1.33% compared with previous week’s average.
The premium of Brent over WTI sharply declined during the week; its average premium was $17.06; it finished the week at $18.29.
Oil Stocks –Highlights:
According to the recent EIA report of the US oil market, for the week ending on October 28th, U.S. oil stockpiles rose by 1.8 million barrels to 1,760.7 million barrels. The current oil stockpiles were 93,178 million barrels below the levels recorded during the same week in 2010.