By Srinivas Chowdary Sunkara // petrobazaar // 9th Nov, 2018.
Brent fell further by $1.35 or 1.87 pct to close at $70.65 and WTI front month futures dropped by $1 with 1.62% loss to settle down at $60.67 last night. Both the crude markers posted around 20 pct loss since the beginning of the Oct month. Crude markets are heading towards another weekly loss in a row. Rig numbers are due today.
There is nothing particularly interesting to comment on the current bearish momentum in the oil market. The sharp dive in oil prices can be attributed to the combination of weak fundamentals like over supply and estimated decline in global demand. For me, It is very difficult to predict, what would be the next move in the market. Sometimes low oil prices are cure for the low oil prices. I mean that falling oil market needs to be simply fall further to make it less profitable for the producers to pull back from over producing. OPEC Bros, Now its your turn to shout. Asian markets are opened mix today. Have a nice weekend.
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