Crude Oil prices rise as multinationals to fight for market control

crudeAs oil market players continue to forge way forward for the low crude oil prices, a ray of hope lingered on market today as prices were hiked according to the latest United States Stockpile report.

According to Bloomberg, US benchmark West Texas Intermediate (WTI) for July delivery rose 21c to $57.72 while Brent crude for July gained 46c to $62.52 in late-morning trade.

Market players are still stuck in indecision following the fall in June 2014. The fall of crude prices is attributed to dumping on the international markets especially from the Saudi Arabia led Organisation for the Petroleum Exporting Countries (OPEC)

See forecast from International Market Analysts

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