For the current week crude oil prices have followed volatile proclivity. On Thursday crude oil prices have escalated as traders covered short positions, crude futures were knocked by weak U.S. demand for fuel during the traditionally busy summer driving season.
Oil prices also plunged as the dollar declined on the pound's rally after the Bank of England's decided not to cut rates.
Presently a glut in refined products globally is putting crude under pressure, with Middle East grades in particular hit by low Asian demand, said by market players On Thursday, closing crude values have increased.WTI on NYME closed at $45.68/bbl, prices have increased by around $0.93/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $1.11/bbl in compared to last trading and was assessed around $47.37/bbl.
