For the current week crude oil prices rebounded. Crude oil prices rose in fluctuating trade as investors evaluated forecast for tighter global supplies due to another storage build at the hub for U.S. crude futures. Worries of a major outage in Nigeria and Canada also boosted the market this week. Some market players have said that strong dollar also makes oil prices expensive.
Presently market players are expecting that crude oil prices to trade positive in near term on the back of drawdown in inventories.
On Thursday, closing crude values have increased.WTI on NYME closed at $46.70/bbl, increased by $0.47/bbl compared to last closing prices. Brent on Inter Continental Exchange increased by $ 0.48/bbl in compared to last trading and was assessed around $48.08/bbl.
