:: Market News --- ID :: 14880
crudetoday:API report pushed oil prices up / 18-4-2018
shifting of focus

By Srinivas Chowdary Sunkara // petrobazaar // 18-4-18.

Crude oil prices edged up yesterday 

Yesterday, Oil prices propped up after API estimated that U.S crude oil stocks are drawn by around 1 million barrels during the last week. Cushing stocks seems to be lower as per the report. Market shifted attention from Syria tensions to U.S renewal of  lifting the economic sanctions on Iran. China industrial production disappointed as per the data released which may effect oil demand. OPEC compliance rate to the current oil production cut deal was slightly higher in the month of March.

Crude oil price update   

Yesterday, U.S crude futures rose by 43 cents at $66.65 with 0.65 percentage from previous close on Nymex where as Brent futures were up by 16 cents or 0.22 percentage to close at $71.58 on London based ICE futures Europe exchange. Today Asian markets opened up and trading with 0.5% margins at the time of reporting. 

Comment 

I feel market is stabilized at the current levels and expected to trade with a little change today. EIA report is expected on Thursday.

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