Crude oil prices followed capricious proclivity through the week, but on Thursday prices have closed on higher note as OPEC outline agreement to reduce production over its ability to rebalance a heavily over-supplied market has astonished the market. Report said that, as per OPEC, other details of the plan will be known at its next meeting on Nov. 30 in Vienna.
In the mid of the week oil prices was downward as a steady dollar and weak U.S. stock market plunged the oil prices.
Some market predictors said that there is uncertainty about details, if oil prices will go up ,it could also lead to a surge in non-OPEC output. With such uncertainty around the details, market players expect scarce unpredictability in the oil market until OPEC's November meeting.
On Thursday, closing crude values have increased.WTI on NYME closed at $47.83/bbl, prices have increased by around $0.78/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.55/bbl in compared to last trading and was assessed around $49.24/bbl.
