By Srinivas Chowdary Sunkara // petrobazaar // 11th July, 2019.
Brent oil prices closed $2.85 up to $67.01 and WTI oil prices went $2.6 up to $60.43 a barrel last night. Shanghai crude oil main contract prices dropped by 0.5 Yuan or 0.11% at 443.8 Yuan/barrel while MCX crude future settled Rs.181 up at Rs.4148 yesterday. Both the global crude markers climbed around 4.5% yesterday.
Strong weekly inventory numbers, Potential hurricane threat to U.S crude output and ongoing tensions in the Persian gulf are the prevailing driving factors pushing oil prices to trade at highest since the post May levels. Turning to EIA data, Increase in refinery input, Operable capacity, Gasoline and distillate fuel production are indicating that the fuels are getting consumed. U.S government reported drawings in crude and gasoline inventories while distillates stocks are on rise. More than estimated drop in U.S stocks painted a rosier picture for U.S oil markets. Oil markets are expected to maintain bullish mood during the week considering the middle east tensions and hurricane season. Monthly reports may spur some volatility. Asian markets are trading up at the time of reporting. Good day.
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