After few weeks of decreasing crude oil price,finally, it turned around and saw a ray of hope as the price of crude oil has soared up to $47 per barrel. There is nothing new that Saudi Arabia along with other OPEC countries decided not to get a grip over production while the United States of America repeatedlyrequested to lower the rate of production so that the price of crude oil would not go down in the internationalmarket.
USA went on extracting shell oil when OPEC countries raised an issue over it, but the US did not hear anything and continued the production. Now OPEC countries don’t want to lose its advantages over US production in any way.
Here are some glimpses of the price rises of the US oil giants-
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Market Expert’s Say on it
Ben Le Brun, the market analyst at OptionsXpress in Sydney, said,
We need to brace ourselves for further volatility, We are seeing a bit of a recovery now with maybe some short positions being unwound. It is certainly going to be a wild ride for investors and traders going into the June 23 decision
But this surge is for a very little time as the rate of crude oil per barrel may go down if Saudi and UAE hold its way of production without limiting daily production limit. With the ray of hope of getting the pace upwards again, stock markets rise, but that got slower down as there is no surety whether it will not go down further or remain unchanged for coming weeks.