Brent oil futures for Oct delivery are trading at $66.15 on London based ICE Futures Europe exchange while WTI oil Sep futures prices are moving at $63.15 a barrel on Wednesday Morning during Asian hours. Both the benchmarks lost around 1 pct last night before closing. Brent spread over WTI widened to $2.95 a barrel during the session.
Oil markets are digesting digesting developments under tariffs headlines. U.S – China pause over higher tariffs lent some support oil complex yesterday. U.S- Russia scheduled meet on Friday remains weigh on oil markets. OPEC monthly oil report sent mixed signals. The report says that global oil demand will continue to grow while signaling for tight supplies that will keep support to oil prices. API inventory report showd that U.S crude stocks are expected to pile up 1.5Mbpd while distillates are predicted to be on higher side. eia will confirm nos later today.
Bunker Markets in Asia remains flat. HSFO 380 cSt prices changed a little up yesterday at Singapore trading hub. FO LDO prices are expected to be going up in India.
