By Srinivas Chowdary Sunkara // petrobazaar // 10th July, 2019.
Brent oil prices rose 5 cents to $64.16 and WTI oil prices edged 17 cents up to $57.83 a barrel last night. Shanghai crude oil main contract futures closed 3.3 yuan or 0.75% up at 441.3 Yuan/barrel while MCX crude oil futures settled Rs.11 high at Rs.3967 yesterday.
Oil markets are still caught between growth concerns and Geo-politics. Investors got fresh stimulus from a dip in Russians output and signs of U.S production is being consumed as indicated by API report. EIA monthly report reduced its world oil demand growth forecast by 150000 bpd to 1.07 Mbpd while projecting U.S crude production at 12.36Mbpd. The revision in demand outlook is attributed to weakening global economic growth triggered by trade wars and tariffs. Currently oil prices are broadly supported by bullish weekly numbers. U.S government data will confirm the API numbers later today. Asian markets are opened in green today. Good day.
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