For the current week crude oil prices have followed mixed inclination. On Thursday oil prices have escalated due to drop in U.S. inventory levels and the weakening U.S. dollar but on Friday prices have plunged as supply has increased again.
Some market players have said that the crude oil market is responding well following the bullish inventory number but still future market fundamentals are uncertain. However, some players have said that as the surplus coming into stability enduring to be pushed back, the outlook is fundamentally bearish. The recent string of unexpected supply draws will help keep oil prices optimistic till the end of this month.
On Thursday, closing crude values have increased.WTI on NYME closed at $46.32/bbl, prices have increased by around $0.98/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.82/bbl in compared to last trading and was assessed around $47.65/bbl.
