By Srinivas Chowdary Sunkara // petrobazaar // 6th May, 2019.
Brent prices inched 10 cents up to $70.85 and WTI prices edged 13 cents up at $61.94 a barrel on Friday. MCX crude futures settled Rs.30 up at Rs.4307 on the week end. Last Week was not good for oil as the global crude markers shed around 3% on piling up of bearish factors.
Oil markets opened in a bearish mood on last Monday as the market started reassessing on the impact of U.S sanctions on Iran and Trump call to OPEC to increase the production. Mitigating all other bullish factors, The sell off continued on reported swelling inventories in U.S and record production numbers. Positive U.S economic numbers along with the employment data kept flour on Friday to close the week in losses. Today, Asian markets are opened negative zone after Trump tweet threatening for another tariff on China's goods in this week, Pulled down global financial markets including oil futures. Oil markets are expected to be very volatile in this week on expected rise in U.S inventories and production and escalation of trade war fears ahead.
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