Crude oil prices continued their rally as both Brent oil and WTI oil prices increased during the week. The ongoing tension between Iran and the West may have been among the factors to raise oil prices and the premium of Brent over WTI. During last week, WTI oil price increased by 0.85% and Brent oil by 2.79%; as a result, the difference between Brent and WTI sharply rose to $18.80/b on Friday.
Here is a short recap for the developments of crude oil prices (Brent oil and WTI), and a summary of the recent EIA oil stockpiles report for the week of February 6th to February 10th:
Crude Oil Price – Highlights
WTI oil price (spot) slightly rose during last week by 0.85%; its weekly average price increased by 0.71% to $98.51 per barrel, compared with last week’s $97.81 per barrel. The average daily percent change of crude oil price (WTI) was 0.18%.
NYMEX Futures Price (March delivery) also slightly increased by 0.85% during the week, and reached $98.67/b on Friday, February 10th
Europe Brent oil price sharply rose during the week by 2.79%, and the average price increased by 5.23% compared with previous week’s average.
The difference of Brent over WTI spot prices sharply increased during the week; its average premium was $18.97; it finished the week at $18.80.
Crude Oil Charts
In the following charts (for the week ending on February 10th) are the changes in WTI spot oil, NYMEX Future (Short term delivery) and Europe Brent prices:
The first chart shows the development of WTI and Brent oil prices during the week: Brent and WTI oil prices had an upward trend during the week.
According to the last EIA report on the U.S Petroleum market, for the week ending on February 3rd, U.S. Petroleum stockpiles rose last week by 3.8 million barrels and reached 1,755.6 million barrels. The current oil stockpiles are still 49.035 million barrels below oil stockpiles levels recorded during the same week in 2011.
For further reading: