This week oil prices have remained mixed. On Thursday U.S. crude prices sank after a brief rally in the previous session, but as per analysis the recent slump in oil prices won't last much longer.
On Thursday, closing crude values have remained mixed. WTI on NYME closed at $67.04/bbl; prices have decreased by $1.17/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.09/bbl in compared to last trading and was assessed around $77.59/bbl.
Oil prices were already heading lower on recent reports that OPEC, Russia and several other producer nations could soon begin winding down their 17-month-old deal to cap output. That agreement has drained a global glut of oil and helped balance the market, but it's now under review due to falling Venezuelan output and renewed U.S. sanctions against Iran.
Market players said that supply and demand in the oil market are finely balanced, and surging U.S. output might not be enough to offset supply disruptions in Venezuela and Iran.
Oil market fundamentals and OPEC policy could support oil at around $70 a barrel or higher.
