By Srinivas Chowdary Sunkara // petrobazaar // 31st May, 2019.
Brent futures prices slipped $2.58 to $66.87 and WTI futures closed $2.22 down at $56.59 a barrel last night. Shanghai crude futures inched 0.48% up to 476.1 Yuan/barrel while MCX crude prices went down by Rs.127 to Rs.3989 yesterday. Brent set to fall around 8% where as WTI will post around 11% loss during the month.
The Weekly stock numbers in U.S were reported less than expected fall by both the Reuters survey and API which added to the prevailing bearishness in the oil markets. The concern on expected faltering of oil demand in the emerging markets apart from the developed nations amid the trade war tensions is the key driver, weighing on oil prices currently. An escalation of fears over weak global economy also represents a risk to oil market despite of tight supplies from producer's council.
Asian markets are opened down today after Trump ramped up trade fears in the global markets by vowing to slap tariffs on all goods from Mexico. Bear festival is going on in the oil market and rig numbers may find a way out today. Good day and Happy week end.
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