By Srinivas Chowdary Sunkara // petrobazaar // 7th February, 2019.
Brent rose 71 cents or 1.15 pct to $62.69 and WTI gained 35 cents or 0.65% to $54.01 a barrel last night. Bullish weekly U.S stock numbers extended support to oil prices yesterday. Markets continued to focus on tightening global oil supplies while strong U.S dollar and dampening market sentiment limited the gains during the yesterday's session.
EIA reported that the U.S crude oil and gasoline stocks rose last week by 1.3Mb and 0.5Mb respectively which are lesser than expected. Distillates fuel oil stocks fell by 2.3Mb. All in all, It seems that the oil market fundamentals are tightening day by day. With ref to last week's Reuters report, OPEC+ delivered almost three quarters of its pledged cuts to evert any new supply glut. U.S sanctions on Venezuela yet to trigger oil prices sharply. U.S rig numbers were dropped as per last week's report and the latest report is awaited tomorrow to release. Asian markets are opened with a little gap down today. Good day.
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