crude today 07-06-2019

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 7th June, 2019.

Brent prices gained $1.04 to $61.67 and WTI prices settled 91 cents higher at $52.59 a barrel last night. Shanghai crude oil main contract futures settled 9 Yuan up to 416.2 Yuan/barrel while MCX crude futures closed Rs.26 down at Rs.3582 yesterday. 

Yesterday, Both the global benchmarks rallied above 2% higher after a rally in stocks markets followed by a report that the U.S may postpone tariffs on Mexico amid ongoing talks. Oil markets are still stalled in bearish territory on slowing economy and growing U.S supplies. OPEC&#39s current production is around 30Mbpd, A loss of 2Mbpd since the 4th quarter of 2018. Under the prevailing negative sentiment in the current market, The only way to support the prices above $50 is that OPEC should talk about further cuts in the second half. The scheduled meeting on 25th is postponed to July 4th. Today Asian markets are opened up and trading above 1% higher. Good day and happy week end to all.

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

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

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