By Srinivas Chowdary Sunkara // petrobazaar // 1st Jan, 2019.
Brent rose $1.6 to $53.8 and WTI closed up at $45.41, after an increase 8 cents yesterday. Both the crude futures prices increased modestly on Monday. The U.S president tweet claiming the progress on possible U.S – China trade deal pushed oil prices up in the early trade. Later on Traders started focusing the bearish china's manufacturing data in Dec. According to National purchasing manager's survey, Chinese manufacturing activity declined in the month of Dec, which was viewed as dampening oil demand.
Finally, Crude crossed the year 2018 with full year of losses. Both the crude markers lost around 20 pct during the year. Brent rose by almost a third between Jan and Oct, to its highest level since late 2014. From beginning of Oct month, Crude lost above 30 pct after U.S sanctioned waivers larger than expected to the importers of Iran crude. Analysts turned bearish on 2019 on trimming bullish wagers. If producers council could convince with the proposed pact of cuts, Market will have meaningful rally in 2019. Happy New Year.
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