Crude oil prices remains volatile this week, on Thursday crude oil prices plunged due to surplus of gasoline despite strong summertime driving demand.
As per market predictors, gasoline demand usually peaks in the summer as people hit the road for vacation, prompting refineries to buy more crude oil to turn into gasoline. But this year, refineries have already been running hard for months churning out gasoline, so the market is adequately supplied.
Recently Asian crude demand is falling due to an economic slowdown and perhaps even more permanent structural changes. Growth is declining again and things don't seem quite so blushing in near term, said by market players.
On Thursday, closing crude values have decreased.WTI on NYME closed at $45.14/bbl, prices have decreased by around $2.29/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $2.40/bbl in compared to last trading and was assessed around $46.40/bbl
