By Srinivas Chowdary Sunkara // petrobazaar // 5th March, 2019.
Brent futures prices rose by 60 cents to settle at $65.67, 0.92 pct higher and WTI prices closed 1.42% up at $56.59 last night. Shanghai crude oil contract dropped by 7.1 Yuan with 1.6 pct fall while MCX was closed on Mahashivratri festival in India. U.S and China seems to be coming closer to end the trade spat, Created optimism around the trade. Russia's comments on ramping up the crude supply cuts kept the oil markets stronger yesterday. Weakness in equity markets spilled over to oil markets, Curtailed the gains.
Turning to weekly data, Baker Hughes report of U.S drillers pulled 10 oil rigs from service, Signaled the tightening of supplies, Added to the fuel. As per the Reuters survey, OPEC could restrict the supplies to four years low during February and Saudi did more than committed. Today, Asian markets opened down as the market eyed on low demand growth prospectus. Good day.
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