For the current week U.S. oil prices ended a little lower on Thursday after momentarily rising around USD 50 a barrel, as production outages brought a faster-than-expected recovery to an oversupplied market.
Many traders based on momentum, strike prices that kick in at $50 a barrel. Some will see crossing that line as a signal that prices are raising and they should buy, but others are considering whether that level will lead more producers to sell and incline up output.
Market players have said that supply from countries in the Organization of the Petroleum Exporting Countries is strong. OPEC will meet next week, but few expect the meeting to result in any effort to cut or cap production to help prices.
On Thursday, closing crude values have plunged.WTI on NYME closed at $49.48/bbl, reduced by $0.08/bbl compared to last closing prices. Brent on Inter Continental Exchange increased by $ 1.13/bbl in compared to last trading and was assessed around $49.74/bbl.
