Brent oil trading near $114 as Libyan oil exports resume

Brent oil prices open today’s trading session near $114 a barrel as news that Libya issued a shorter than anticipated timetable for the resumption of oil exports from the country. Latest Brent Oil Price In London, Brent crude oil futures for May 2011 delivery was trading at $114.56 a barrel, 06.15 GMT this morning on the ICE Futures Exchange, after slipping 0.8 percent lower in Monday’s trading session. Libya Oil Exports Could Resume in a Week Crude oil exports from Libya, which had fallen to virtually zero since the early stages of the conflict, could resume in less than a week, rebel representative Ali Tarhoni said, according to Agence France Presse

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