The ZEMA graph above shows the price of crude over the year as demonstrated by the monthly average of the prompt-month NYMEX Brent and WTI contracts. WTI is represented in red, Brent is a blue line, and the Brent-WTI spread is shown as the grey area. Units are in USD/bbl. The graph demonstrates the well-known fact: oil prices have been dropping during the year with some uptick movement by Brent in February 2016. The spread between Brent and WTI has been narrowing ending at $3/Bbl in February. The price upswing can hardly be explained by changes in fundamentals; it is likely that sentiments have played a part in it. On February 17th, OPEC and Russia tentatively agreed to freeze output. Yet to be realized, this agreement has been supporting the price stabilization.
Data Sources: NYMEX