For the current week crude oil prices have plunged sharply. U.S. crude futures dropped around 5%. The steady decline is creating a problem for financial markets. It's causing energy companies' profits to plunge. In total, crude oil has plunged an incredible 75% from its June 2014 peak.
As per the report, many have been hoping that low oil prices would boost oil demand. But the IEA, which monitors energy market trends for the world's richest nations, is predicting a slowdown because of global economic headwinds.
On Monday WTI on NYME and Brent on Inter Continental Exchange were evaluated $30.89/bbl and $34.06/bbl respectively.
Although on Thursday, closing crude values have declined sharply.WTI on NYME closed at $26.21/bbl, reduced by $1.24/bbl compared to last closing prices. Brent on Inter Continental Exchange reduced by $0.78/bbl compared to last trading and was assessed around $30.06/bbl.
