Crude oil price remained mixed for the current week. Traders said liquidity has been low due to the Lunar New Year holiday which will last in near term also. Oil prices have been extremely volatile since the start of the year due to high inventory levels of crude oil, uncertainty about global economic growth and volatility in equity markets.
Some market players said that crude oil inventories domestically and internationally, have been growing since mid-2014 on account of this crude values are also fluctuating sharply.
On Monday WTI were assessed at $33.62/bbl, while Brent was evaluated at $34.46/bbl. However, On Thursday, closing crude values have reduced.WTI on NYME closed at $31.72/bbl, reduced by $0.56/bbl compared to last closing prices. Brent on Inter Continental Exchange reduced by $0.58/bbl compared to last trading and was assessed around $34.46/bbl.
