For the current week crude oil prices have remained bearish as supply outlook improves, on Thursday also prices have started on a negative note. The slight recovery in the US dollar also consider on crude oil prices. The weak Asian trade and tracking a sell-off across equities with an expected pick up in output adding to worries about the global economy and a weaker-than-forecast fall in US stockpiles.
Market players have said that, despite the plunge in the crude oil prices the market is looking more and more rebalanced as falling US production and supply disruptions in Canada and Nigeria ease the global glut.
On Thursday, closing crude values have reduced.WTI on NYME closed at $46.21/bbl, prices have plunged by $1.80/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $ 1.78/bbl in compared to last trading and was assessed around $47.19/bbl.
