For the current week crude oil prices have remained volatile, as swelling U.S. crude inventories and a lack of new progress to temper supply capped bullish sentiment. This week U.S. oil prices increased after China moved to enhance its sluggish economy and Saudi Arabia assured to work with other crude producers to bound market volatility.
Some market players said that crude inventories will rise further. However, U.S. crude oil production fell for the sixth week to 9.08 million barrels a day.
Exxon Mobil Corp. has become the first major U.S. oil company to ship American crude overseas, joining a band of independent traders that are trying to ease a surplus at home as 40-year export ban was lifted, said by market source.
On Thursday, closing crude values have followed mixed trend.WTI on NYME closed at $34.57bbl, reduced by $0.09/bbl compared to last closing prices. While Brent on Inter Continental Exchange rose by $0.14/bbl compared to last trading and was assessed around $37.07/bbl.
