By Srinivas Chowdary Sunkara // petrobazaar // 6th March, 2019.
Brent prices changed up a little to $65.86 and WTI prices closed flat at $56.56 a barrel yesterday. Shanghai crude oil futures dropped by 4.8 Yuan with 1.09% while MCX crude futures in India inched up by Rs.13 to Rs.4005. Both the global crude futures hovered flat as the market balanced the OPEC cuts with Libya's supply news and expected faltering of demand. Oil prices were pressed by bearish stock report along with the economic growth concerns.
An Industry group, API reported that the U.S crude stocks were piled up by 7.3Mb while product stocks were reportedly declined for the week ended 1st March. EIA will confirm the numbers today, Consensus is on building crude stocks and fall in product stocks. China's downward revision in their GDP number for this year added concerns on slowing economy and demand. Today, Asian markets opened down as the bearish API numbers over weighed the OPEC efforts to trim the production. 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