Oil prices constantly are moving with a volatile velocity. For the current week oil prices fluctuated but prices held ground near their lowest level in week on the back of a stronger dollar and a surprise weekly increase in U.S. crude stockpiles. The drop comes after unite in recent sessions fueled by production outages in Africa and Canada and production turned down across the globe that have propelled expectations of shrinking the global oversupply.
Some market players have said that recently the uncertainty about future production points in key oil-producing levels, global economic growth, crude oil inventories and storage capacity restrictions are the reason for volatility in oil prices.
On Thursday, closing crude values have reduced.WTI on NYME closed at $48.16/bbl, reduced by $0.03/bbl compared to last closing prices. Brent on Inter Continental Exchange declined by $ 0.12/bbl in compared to last trading and was assessed around $48.81/bbl.
