By Srinivas Chowdary Sunkara // petrobazaar // 3rd January, 2019.
Brent closed higher at $54.91, $1.11 increase while WTI ended up at $46.54, rose $1.13 last night. Both the crude futures gained above 2 percent in a choppy trading on Wednesday. After focusing on contracting Chinese and Europeans manufacturing numbers, which were considered as significantly bearish, Oil markets eyed on stock markets. Yesterday, Financial markets pared earlier losses which buoyed crude prices up last night.
The worries of slippage in economic growth and excess supply are still lingering around the market. The production numbers are at or near at record high levels in world top three producers. Russians production was at post-soviet record in 2018, Shale production made the U.S as world's biggest producer. Iraq export numbers were boosted in Dec, 2018. Altogether illustrating the challenges ahead for OPEC and its allies including Russia which are seeking to prop up the market with proposed cuts of 1.2Mbpd. Let the bulls community be optimistic on OPEC task of balancing the market at the earliest to end the bears festival. API numbers are awaited today and Asian markets are opened in red. Good day.
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