Commodity Corner: Oil Up, Brent Falls on IEA's Decision
Oil futures remained nearly flat Friday as investors weighed the IEA's decision to release an emergency supply of 60 million barrels of oil. Both NYMEX and Brent crude had seen a recent surge in prices due to Libya's civil war.
Light, sweet crude added 14 cents to settle at $91.16 a barrel. Oil prices fluctuated between $89.82 and $92.34 Friday. For the week, crude prices lost $1.85, or 2 percent.
While analysts and investors assess their position on the IEA's surprise decision, Brent prices plunged $2.14 Friday. Ending the week at $105.12 a barrel, Brent futures settled at their lowest since Feb. 18. Brent, which is used in many international blends, had rallied in the wake of the unrest in Libya.
Additionally, Europe's debt problems also pressured Brent to decline Friday. The euro dropped on uncertainty of whether Greece's parliament will approve additional bailout funds.
The intraday range for ICE Brent crude was $103.62 to $108.70 a barrel.
Meanwhile, front-month natural gas gained 3.6 cents Friday, settling at $4.23 per thousand cubic feet. Prices peaked at $4.25 and bottomed out at $4.17.
Reformulated gasoline for July delivery traded between $2.76 and $2.88 to end Friday's trading session at $2.78 a gallon.