This week crude oil prices have followed weak trend. On Thursday prices plunged as investors brushed aside talk that OPEC might freeze production and focused on a growing glut from U.S. crude stockpiles. As per report, among the Middle Eastern countries, output rose last month in Iraq, Kuwait, Saudi Arabia and UAE, while Iran’s production was flat.
Market players said that the high U.S. inventory data suggest oversupply will remain for longer than expected. Probability of a higher dollar if the Fed starts to hike rates is negative for oil prices. And there's also uncertainty about the likelihood of OPEC/non-OPEC action at the end of the month.
Some market analyst said that there are still lots of improvement prospective, given the overhang of speculative long positions and embellished hopes for an output freeze.
On Thursday, closing crude values have remained mixed.WTI on NYME closed at $43.16/bbl, prices have decreased by around $1.54/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.01/bbl in compared to last trading and was assessed around $47.05/bbl.
