For the current week crude oil prices followed fluctuating inclination. On Thursday price of crude oil rose, as a huge wildfire in Canada and escalating tensions in Libya decided to reduce the global supply of the commodity.
In compare to previous month the month of May does not providing the bullish support for Crude Oil. A strong US Dollar and weak global risk sentiment have caused concerns that the imbalance from supply, albeit contracting supply and demand will remain unreasonably wide favoring lower price.
Presently the developments in Libya and Iran have caught the attention of traders, and if nothing else, may provide enough fear to have short-sellers sit on the sideline until clarity reigns again. In Libya, escalating tensions may cause production output to fall.
On Thursday, closing crude values have increased.WTI on NYME closed at $44.32bbl, increased by $0.54/bbl compared to last closing prices. Brent on Inter Continental Exchange increased by $ 0.39/bbl in compared to last trading and was assessed around $45.01/bbl.
