Crude oil prices followed inconsistent inclination through the week. US crude oil inventories are 11% higher than the same period in 2015 as per source, while the refinery demand slowed. The larger-than-expected climb in the US crude oil inventory restricts the upside for crude oil prices.
On the back of supply-demand imbalance it is very crucial to deciding the market’s move. As per the market analyst, presently the coming Doha meeting to curb production at this weekend is dominating market sentiment and will continue in near term also, if a deal is agreed to upside will probably limited to current price levels. Market players are expecting for the positive outcomes.
On Thursday, closing crude values have plunged.WTI on NYME closed at $41.50bbl, reduced by $0.26/bbl compared to last closing prices. While Brent on Inter Continental Exchange reduced by $0.34/bbl compared to last trading and was assessed around $43.84/bbl.
