This week oil prices have followed volatile proclivity. On Monday oil prices surged as strengthened by growing conviction that major oil producing countries would agree next week to limit output. On Thursday oil prices have remained firm as US market was closed for thanksgiving holiday.
As per the recent report, the election of Donald Trump to the presidency gives OPEC members another reason to agree to oil production cuts when they meet next week.To balance global supply and boost oil prices Saudi Arabia is trying to guide OPEC members toward a deal to cut production. Now all are looking for the OPEC meeting in Vienna next Wednesday.
On Thursday, closing crude values have plunged.WTI on NYME closed at $47.96/bbl, prices have decreased by around $0.07/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.17/bbl in compared to last trading and was assessed around $48.95/bbl.
