By Srinivas Chowdary Sunkara // petrobazaar // 10th Dec 2019.
Brent oil prices fell 14 cents to $64.25 and WTI oil futures prices slipped 18 cents to $59.02 a barrel last night. In Shanghai, crude oil main contract futures prices rose by 8.2 Yuan or 1.79% at 465.3 Yuan/barrel while MCX crude oil futures prices changed little down to Rs.4197 yesterday. Brent premium over WTI widened to $5.23 a barrel during the session.
The world crude oil price index sagged down after customs data released on Sunday showed that Chinese exports in November fell 1.1% from a year earlier as against the expectation of 1% rise in a Reuters poll. The data certainly fueled the concerns over trade fears, existed currently in the market. yesterday's price drop also put an end to a strong price rally driven by the OPEC+ outcome last week. Analysts predict that strong adherence to rein in supplies and positive economic developments from U.S-China trade together will push Brent to $70 a barrel before the second quarter of 2020. Turning weekly data, API predictions are due later today followed by government data tomorrow. Today morning, Asian markets opened with a gap down and it do not demonstrate any firm trend so far. Weekly stock data and trade talks are in limelight. Good day to all.
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