Brent crude and West Texas Intermediate are trading higher today after volatile trading on Thursday. Recent sell offs to five-year lows were judged excessive by market participants. Yesterday Saudi Arabia's oil minister reiterated that it would be difficult for Saudi Arabia and the OPEC alone to reduce the volume of production and added that the market is experiencing temporary difficulties, mainly due to the weakening global economy. U.S. oil producers continue to produce on record levels fighting for market shares.

Brent Crude added +1.16%, currently trading at USD59.96 a barrel. Crude hit a low at USD58.50 this week. West Texas Intermediate rose +1.33% currently quoted at USD54.83.