By Srinivas Chowdary Sunkara // petrobazaar // 8th Oct, 2019.
Brent closed 2 cents lower at $58.35 and WTI inched down 6 cents to $52.75 a barrel last night. MCX crude futures traded Rs.49 to close at Rs.3784 yesterday. Brent traded at a premium of $5.6 to WTI during the yesterday's trading.
The world oil price index opened high today buoyed by overnight gains in industrial commodities while unrest in oil producing countries Iraq and Ecuador raised concerns of supply disruption added to support. The uncertainty over the expectation of comprehensive trade deal between US and China keep weigh on oil prices. I strongly feel that traders are taking very cautious approach currently in the over sold market, However some people in the spec community are thinking of pushing. Analysts expectation of piling up of stocks in the US for another continuous week keep pressing oil complex. API weekly number are awaited later today. Good day.
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