By Srinivas Chowdary Sunkara // petrobazaar // 4th April, 2019.
Brent lost 6 cents to $69.31 and WTI edged down by 12 cents to $62.46 last night. Brent premium to WTI is narrowed down to $6.85 yesterday. Shanghai crude oil main contract rose by 5.9 Yuan or 1.26% up to close at 472.4 yuan/barrel while MCX crude futures in India dipped Rs.40 to close at Rs.4281.
Both the global benchmarks traded flat yesterday while Brent reached $69.96, inched to $70, A psychological threshold, Proved tough nut to break. Surprise Building of crude inventories of 7.2 Mbpd in U.S eased the upward momentum. EIA also reported that the U.S product stocks were drawn for the fifth consecutive weeks while production numbers were inched up by 100000 bpd. A sizable fall in OPEC out put in March underpinned the latest rally along with the expected further slippage of supplies from Iran and Venezuela. Asian markets are opened down today. Good day.
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