WTI, Brent take big hits in Friday trading

NEW YORK, Oct. 31 (UPI) -- Brent and West Texas Intermediate prices suffered heavy losses in Friday trading, ending a week that saw some early optimism resurface for the oil market.

WTI dipped briefly below the $80 threshold in Monday trading, with Brent moving in parallel. Early price movements were a reflection of a grim forecast about futures contracts from Goldman Sachs, which trumped the optimism that greeted a European Central Bank stress test concluding durability in the face of further financial strain.

By Tuesday, some traction had emerged following upbeat earnings reports for energy companies that said they were coping with the bear market for crude oil.

By Friday, both indices suffered losses, with WTI and Brent both shedding more than $1 to trade at $79.96 and $84.76 per barrel, respectively.

Indices during the latter half of the week struggled to find a consensus after the U.S. Federal Reserve announced an end to the stimulus package known as quantitative easing. On Friday, the U.S. Commerce Department reported U.S. consumer spending was down for the first time since January.

Long-term contracts show WTI hovering around $79 per barrel, before recovering by mid-2015. For Brent, there are few signs of a rebound above the $90 mark.