WTI Crude prices hold up above USD 30 per barrel

Succeeding the previous sharp decline in WTI Crude prices in recent times, the price level is presently being maintained above USD 30 per barrel. This is positive news to drillers who have decided to restart production regardless of the decline in demand.

WTI Crude price gained by 0.57 per cent to USD 38.18 per barrel on Thursday compared to the previous day's price of USD 37.96 per barrel for July contracts. Simultaneously, Brent Crude price rose by 0.73 per cent to USD 41.07 per barrel from USD 40.77 per barrel for August contracts.

Wednesday had brought in a fall in crude oil prices as investors' apprehensions increased with the news of fresh Coronavirus cases. US crude inventories rose by 1.2 million barrels despite a decline in US shale production. It is anticipated that weak economic outlook will continue to weigh down the demand for crude and going forward, the way up for crude oil prices continues to be full of hurdles.