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Brent crude and West Texas Intermediate continue to after the ECB bond buying decision. Brent Crude added +1.98%, currently trading at USD49.48 a barrel, still below the important USD50 level. West Texas Intermediate rose by +1.30% currently quoted at USD46.91. Yesterday prices spiked following the death of King Abdullah of Saudi Arabia. Later his successor Salman bin Abdulaziz stated that the policy of the world's largest exporter won't change. The OPEC will continue to fight for market share.
Oil prices fell by nearly 60 percent over the past six months, and both key brands of oil are currently trading below $ 50 a barrel as the supply of from the United States, Russia and Canada and other producers exceeded demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices
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