By Srinivas Chowdary Sunkara // petrobazaar // 11th June, 2019.
Brent oil prices dropped by $1 to $62.29 and WTI prices closed 73 cents down to $53.26 a barrel last night. Shanghai crude oil main contract futures rose by 17.2 Yuan to 434.8 Yuan/barrel while MCX crude futures settled Rs.32 up at $3754 yesterday. Both the global crude markers slid by around 1.5% in a choppy trading, Yesterday.
Uncertainty on Russia's stand towards extension of cuts and general fear of slowing economy and demand amid proposed further U.S sanctions on China after G-20 meeting and growing production numbers in U.S keep weigh on oil markets despite of positive waves from financial markets yesterday.
Today, Oil prices stabilized in Asian markets on the assumption that the producer's group will keep withholding supplies to prevent further fall. Russia is in the opinion that oil prices may fall as low as $30 per barrel, if the producers do over supply. Let us hope for Russian's nod on cuts. For me, It seems that the oil market play safely till the scheduled G-20 and OPEC meetings. API numbers are due later today. Have a good day.
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