Crude oil prices followed mixed inclination through the week. On Thursday oil markets jumped as a weaker dollar had investors shrugging off record high U.S. crude inventories and unyielding pumping by major producers, while today oil prices plunged due to threatening rise in production by OPEC members.
Market players said that the global oil surplus will start to ease in the second half of this year, and traders and investors have been pushing prices higher in hopes they are right. While U.S. oil production has fallen, imports of crude have risen and the global glut looks to grow as major exporters from Saudi Arabia to Russia and Iran ramp up output in a battle for market share.
On Thursday, closing crude values sharply have escalated.WTI on NYME closed at $46.03bbl, increased by $0.70/bbl compared to last closing prices. Brent on Inter Continental Exchange also increased by $0.96/bbl compared to last trading and was assessed around $48.14/bbl.
