For the current week crude oil prices have ascertained volatile as oversupply, a strengthening dollar and falls in regional stock markets evaluated on sentiment. But drop in U.S. oil output in January helped to edge the losses.
Some market participants said that, oil markets would not get back into balance until some of the overhanging supply is cleared.
On Thursday, as the market refocused on the world’s constant oversupply, after the switching between gains and losses much of the day, closing crude values have increased.WTI on NYME closed at $38.34bbl, increased by $0.02/bbl compared to last closing prices. While Brent on Inter Continental Exchange escalated by $0.34/bbl compared to last trading and was assessed around $39.60/bbl.
