The crude oil futures witnessed correction by the end of the week on Friday and as uncertainty spread among investors over violent riots in Yemen, Bahrain and Libya. However if we look at the weekly position the US light crude oil advanced 0.7 percent while Brent crude oil surged more than 1 percent over the week.

Senior commodities analysts Mike Zarembski from OptionXpress in Chicago commented, “There’s all this uncertainty going on with the Middle East. A lot of traders, instead of going long oil, are just cutting their positions and kind of letting go.”

Crude oil future contract for March delivery declined 0.2 percent to $86.20 per barrel on New York Mercantile Exchange. As the March contract expires on next Tuesday the future contract has gained 0.7 percent over the week.

Crude oil future contract for April delivery gained 1 percent to $89.71 per barrel on Friday’s NYMEX session and reported the increase of 0.7 percent over the week.

The London traded Brent crude oil future contract for April delivery dropped 0.1 percent to $102.52 per barrel on ICE Futures Exchange while the West Texas Intermediate WTI contract closed at $12.81 per barrel.
Chief energy economist Adam Sieminski from Deutsche Bank commented, “Brent is likely being impacted by geopolitical tensions in the Middle East because of the potential impacts in the Mediterranean markets served by Brent.”

The gasoline future contract for March delivery soared 0.9 percent to $2.55 at NYMEX whereas for the week it reported the gain of 3.5 percent.