By Srinivas Chowdary Sunkara // petrobazaar // 11th Dec, 2018.
Brent prices went down by 71 cents to $60.96 and WTI prices fell by 95 cents to $51.66 a barrel yesterday. Both the crude markers lost around 2 pct paring Friday's gain after producers club announced cuts. On Monday, The stock market correlation with oil market was back after oil markets started echoing the weakness in global equity markets. Markets shifted focus to 'weak global economics' and 'demand outlook' which weighed on oil prices yesterday.
Turning to supplies side, So called analysts who predicted oil at $100 two months ago, Started voicing out that the supply cuts nos are not sufficient to extend long term support to prices and further said that the no. will not stop the glut as the U.S is not participating in this deal.
Coming to Stats, API will announce weekly predictions today and monthly reports from IEA and OPEC are expected in this week which may spur some additional volatility altogether. Chinese industrial production is published later this week, Giving further hints of the country's state apart from recently announced Inflation and trade data. Asian markets are opened in green today. Good day.
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