By Srinivas Chowdary Sunkara // petrobazaar // 4th january, 2019.
Brent rose $1.04 to settle at $55.95 and WTI gained $0.55 to close at $47.09 a barrel yesterday. Both the crude markers rose above 1 percentage last night in a choppy trading, heading for weekly gains. Coming to fundamentals, There are no significant changes from yesterday in oil trade. Crude seems to have drawn some support from the Saudi signalling to spearhead to make early start to supply limiting accord. API reported that U.S crude supplies to fell by 4.5Mb while product stocks are piled up for the week ended Dec.28th. EIA will confirm the numbers today, Consensus is on 1.3Mb drawings in crude stocks. Fears of faltering economies and swelling inventories weighing on oil prices. Asian markets opened flat today. Good day.
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