By Srinivas Chowdary Sunkara // petrobazaar // 5th Dec, 2018.
Yesterday, Brent settled up 39 cents with 0.63 pct increase to $62.08 and WTI price changed a little to $53.25, 30 cents up from previous session's closing. Oil futures gave up Monday's 4 pct gains during yesterday's trade along side of major sell of other asset class after Trump made it clear that he would revert back with tariffs, If both the countries could not resolve the indifferences.
Turning to weekly stats, Our ever trusted industry group, API reported a build of U.S crude stocks of more than 5Mb and increase in products stocks as well. EIA needs to confirm the numbers meanwhile analysts expect a fall in crude stocks. To put a light on tomorrow's producers meet, Market expect around 1.3 Mbpd cut subject to Russia's resistance on significant cuts.
Today Asian markets are opened with gap down, trusting that U.S inventories are swelling as reported by API. Sorry… I dont have any comments. Let us wait for real numbers. Have a good day.
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