Thai Oil expects fuel price to fluctuate this week

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BANGKOK, 19 May 2015,  Thai Oil (Public) Company Limited expects the fuel price to fluctuate this week, as it keeps a close eye on U.S. crude oil production which is tending to decline.

It said West Texas crude would likely move within the range of 55 – 61 U.S. Dollars a barrel, while Brent Crude may be priced at 62 – 68 U.S. Dollars a barrel.

The company explained the reasons behind the fluctuation, citing the slowdown in U.S. crude production, and the violence in Yemen as driving forces in the supply of crude oil.

However the supply from the Organization of the Petroleum Exporting Countries continues to rise, as Saudi Arabia attempts to maintain its market share. Thai Oil pointed out that the maintenance period of most of refineries across the globe has also contributed to a lower crude supply in the second quarter.