By Srinivas Chowdary Sunkara // petrobazaar // 3rd April, 2019.
Brent prices advanced 36 cents to $69.37 and WTI futures rose 99 cents to $62.58 a barrel last night. Shanghai crude oil main contract closed at 470.2 Yuan/barrel rose by 10.9 Yuan or 2.37% while MCX crude futures were settled up by Rs.41 at Rs.4321 yesterday. Both the global benchmarks rallied surprisingly to touch 2019 high after mid Nov, 2018 levels.
The prospectus of further more U.S sanctions on Iran and deepening disruptions in Venezuela which could hurt the supply in turn tighten the market, Ignited a surprise rally, Yesterday. EIA report of slippage in U.S production and easing tensions over economic slowdown also extended support to oil prices. The bearish API report limited the upside since U.S crude stocks are estimated to be build while product stocks are drawn during the last week. EIA will confirm the numbers today. Today, Asian markets opened in green. Good day
Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com
