Brent oil futures close the week’s trading session at $116

Brent oil futures close off the week’s trading session back near $116 a barrel as crude oil supply concerns from Libya has traders and investors uncertain about short term oil price direction. Brent Oil Futures – Closing Price Brent crude oil futures for May 2011 delivery ended the week’s trading session at $115.95 a barrel on the ICE Futures Exchange yesterday evening, $1.44 higher than last week’s closing price of $114.51 a barrel. JP Morgan Forecasts Higher Brent Price JP Morgan analysts warned in a research note yesterday that higher oil supplies from OPEC will be needed to meet summer demand and sees the strong likelihood of a price spike of up to $130 a barrel for Brent crude oil