By Srinivas Chowdary Sunkara // petrobazaar // 9th January 2020.
Brent oil prices closed their lowest since Dec 16 at $65.44 and WTI oil prices settled down at their lowest since Dec 12 to $59.61 a barrel last night. In Shanghai, The crude oil main contract futures rose 0.8 Yuan or 0.16% at 508.1 Yuan/barrel while MCX crude oil futures prices slumped Rs.234 to Rs.4260 yesterday. Brent traded at a premium of $5.83 over WTI during the session.
The world crude oil benchmark price indexes flirt in yo-yo market after U.S-Iran tensions seemed to be abated while swelling U.S inventories trounced analyst's expectations. Crude benchmarks sold off 9% from the overnight highs negating the previous session's gains By jove. Turning to weekly data, EIA reported a surprise build in U.S crude stocks and product stocks by 1.2Mb , 5.3Mb and 9.1Mb respectively for the week ending 3rd Jan. U.S production numbers were unchanged at 12.9Mbpd while refinery utilisation was slipped by 1.5% during he week. Crude stocks at country's major delivery hub, Cushing were drawn by 0.8Mb.
Today Morning, Asian markets opened in green, Shrugging off the Iran's rocket attack on U.S forces in Iraq. I am good to see the current price levels amid middle east tensions as the higher oil prices are not good for the sustained global economic growth.
Good day to all.
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