Crude prices have move higher from the low 40 dollars in March, with WTI now stabilising around $60/barrel. The market has found support after the sustained and dramatic freefall, with the shift after the oversupply.
Over the weekend there were reports that Islamic State (IS) had seized the city of Ramadi, previously a report that the group had expanded their grip within the volatile region would have pushed oil prices significantly higher. Though the announcement put a slight bid in oil prices the oil glut, overwhelms the fear of an expanded IS and the potential regional disruption to supply.
WTI Crude June: $60.21/barrel
Brent Crude July: $66.78/barrel