This week crude oil prices followed mixed inclination. On Thursday oil prices escalated as Saudi oil minister comments about possible action to stabilize prices and the International Energy Agency forecast crude markets would tighten in the second half of 2016.
As per the market report, OPEC members and non-members would discuss the market situation, including any action that may be required to stabilize prices, during an informal meeting on Sept. 26-28 in Algeria.
Market analyst said that, the anticipation thinning product inventory overhang will lead to a sustained tightening of oil market fundamentals and oil prices should be well above current levels in near term.
On Thursday, closing crude values have increased.WTI on NYME closed at $43.49/bbl, prices have increased by around $1.78/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $1.99/bbl in compared to last trading and was assessed around $46.04/bbl.
