This week oil prices have followed volatile trend. On Thursday Oil fell after U.S. President Donald Trump demanded OPEC cut crude prices, but the market found some support from an Iranian threat to block shipments through the Strait of Hormuz.
On Thursday, closing crude values have plunged. WTI on NYME closed at $72.94/bbl; prices have plunged by $1.20/bbl in compared to last closing prices. While Brent on Inter Continental Exchange plunged by $ 0.37/bbl in compare to last closing price and was assessed around $77.39/bbl.
OPEC and Russia said in June they were willing to raise output to address concerns of supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to U.S. sanctions. Despite these measures, Goldman Sachs said to client that "the market will remain in deficit" in the second half of the year.
