Crude oil prices followed mixed trend this week. On Thursday oil prices bounded as the report said that Iran Oil Minister Bijan Namdar Zanganeh would attend an informal OPEC meeting in Algiers next month. Apart from this Saudi Arabia Energy Minister Khalid Al-Falih said an output freeze deal among producing countries would be positive. Some market players said that factors evaluating against oil rising are potential increased production coming from Iraq, Libya, Canadian oil sands, and a possible ceasefire with increase in Nigeria that could bring hundreds of thousands of new barrels of oil to an already oversupplied market. Meanwhile, the global economy is not exactly growing at an impressive pace. On Thursday, closing crude values have increased.WTI on NYME closed at $47.33/bbl, prices have increased by around $0.56/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.62/bbl in compared to last trading and was assessed around $49.67/bbl.
