By Srinivas Chowdary Sunkara // petrobazaar // 03-04-2018.
Crude oil prices were pressed by bearish mood
On Monday, Crude oil prices dropped by more than 2 percentage. A surge in Russia's production numbers during the March caused the concern. Physical markets also pressed the oil prices due to the speculation that the Saudi may extend price discounts to Asian customers. Escalated trade war tariffs between U.S and China may rock the global market which in turn create bullish sentiment for oil markets. Expected increase in U.S production limited the gains although rig numbers were counted down during the last week. Market is waiting for clue from weekly stats.
Crude oil price update
U.S crude grade, WTI futures were settled down at $63.01 per barrel on Nymex while Brent futures were closed down at $67.64 a barrel on London based ICE futures Europe exchange. Both the futures are opened up on Tuesday and trading in positive territory at the time of reporting.
Keeping in view that many no of long positions are ready to sell off and stocks in major U.S storage hubs are at minimum levels, indicates another build likely are flooring the likely bearishness in oil markets.
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