Crude Price Edges Down, Still Remains at Multi-Year High
Prices of crudes slides however still at multiyear high backed by strong demand and supply shortages
Crude oil WTI and Brent Oil edged down on Tuesday, yet at the level of multi-year high. The strong demand still prevails amid supply shortages globally and strong demand as economies activities picks up.
WTI edged down to $83.36 per barrel down by 0.48% while Brent edged down to $84.91 down by 0.31% as of Thailand time 17.35 hours.
Commerzbank analyst Carsten Fritsch as reported by Reuters said “ There was no specific reason for the price slide… The fact that the market remains tight should drive prices up,”.
Although after intervention from the government China’s coal market showed signs of cooling down, however colder weather still poses as strong factor for elevated energy prices.
