By Srinivas Chowdary Sunkara // petrobazaar // 18th Sep, 2019.
Brent Nov futures prices sank $4.47 to $64.55 and WTI futures to be delivered in Oct fell $3.56 to $59.34 a barrel last night. In Shanghai, Crude oil main contract futures rose 15.5 Yuan or 3.27% to 489.9 Yuan/barrel while MCX crude futures in India lost Rs.275 to close at Rs.4245 yesterday. Brent premium to WTI narrowed slightly to $5.21.
The world crude oil indexes plunged around 6% after Saudi Energy Ministry Price Abdulaziz bin Salman said that the country could manage to continue oil supply from its ample storage and assured that the kingdom will restore lost oil production by the end of the month. Market is cautious on the fears of retaliatory attacks in the region. Turning to weekly numbers, The API reported that the U.S crude, gasoline and distillates inventories rose by 5.92Kb, 1.6Mb and 2Mb respectively. The consensus is on drawings. U.S energy department will confirm the numbers later today. Oil extended losses during the Asian hours today morning and does not indicate any firm trend till now. I hope bear festival will continue today. Good day.
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