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Thursday 08th of January 2009
5/10/2007

WTI, Brent crude end week lower

Story link: WTI, Brent crude end week lower by Elaine Frei
WTI, Brent crude end week lower

West Texas Intermediate crude for November delivery was 22 cents lower to $81.22 per barrel on the New York Mercantile Exchange, while Brent crude dropped 1.3 percent over the week to close at $78.24 per barrel on Friday.

Prices declined after refinery interruptions on the West Coast were quickly resolved and on the feeling of some analysts that demand will be weaker in the fourth quarter of the year.

Some of the price volatility in recent days has been put to the disagreement between the analysts who believe that gasoline prices are driving down demand and those who believe that as winter gets underway and temperatures drop, demand will strengthen.

Nymex November gasoline traded even at $2.05 per gallon, while November heating oil dropped 1 cent to $2.22 per gallon.

November natural gas fell 34 cents to $7.04 per million British thermal units.

 

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