This week crude oil prices moved to bull market as anticipation of an output freeze by major producers and a decline in the dollar boosted prices.
As per the recent report, many OPEC members have been hurt badly by a fall down in oil prices over the last two years. While some Gulf oil exporters have very low output costs, other producers such as Iran and Venezuela need oil prices higher to balance their budgets.
OPEC members will meet of the International Energy Forum, with group producers and consumers, in Algeria on Sept. 26-28. But freezing production at current levels might not help bolster prices, since Saudi Arabia signaled that it could boost crude oil supplies in August to a new record, even as it prepares to discuss output levels with other producers, said by Market analyst.
On Thursday, closing crude values have increased.WTI on NYME closed at $48.22/bbl, prices have increased by around $1.43/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $1.04/bbl in compared to last trading and was assessed around $50.89/bbl.
