This week oil prices have followed volatile trend. On Thursday oil prices plunged as an swelling trade dispute between the United States and China balanced news of a decline in U.S. commercial crude inventories.
On Thursday, closing crude values have decreased. WTI on NYME closed at $67.83/bbl. Prices have decreased by $0.03/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.05/bbl in compare to last closing price and was assessed around $74.73/bbl.
Oil demand is closely linked to economic activity and the trade dispute has already led analysts to trim their forecasts for future energy consumption.But while the outlook for oil demand growth may be moderating, some markets are tight. As per report, this week's report was bullish for crude. Crude stocks drew due to sharply lower crude imports and near-record refinery crude runs.
