On Friday, crude prices remained around April minimums as slowing economic growth threatened to drastically worsen ongoing oversupply of oil as well as refined products.
International Brent crude oil futures were worth $42.78, showing a 8 cent surge from their previous close. Meanwhile, US West Texas Intermediate crude futures traded at $41.16, rising 2 cents.
Brent achieved its lowest value since April during last trading session, hitting $42.56, while WTI boasted another minimum of $40.95 per barrel on Friday. Currently, both crude benchmarks are down approximately 20% since their last high in June.
Due to ongoing oversupply, American bank Goldman Sachs told this week that it didn’t expect a huge recovery in prices any time soon.
Financial experts are still expecting that crude prices will stay within a $45 per barrel to $50 per barrel trading range in mid-2017.
Besides this, some experts told that recent price drops in oil had been heavily overdone, especially as demand is still strong notwithstanding worries over future economic growth.
