By Srinivas Chowdary Sunkara // petrobazaar // 12th Feb, 2019.
Brent prices edged lower by 59 cents to close at $61.51 and WTI prices slipped by 31 cents to $52.41 a barrel yesterday. Both the futures inched down by below 1 percentage on Monday as the worries surrounding the U.S – China trade talks roiled over financial markets which kept the oil prices under check. Strong dollar pressed the oil complex. The ongoing uncertainty over trade war along with the slowing growth concerns overshadowed the support from OPEC led supply restraint. To advance the oil prices further, Market needs to shift focus from macro factors to current physical market tightening due to OPEC led cuts and Venezuela's political turmoil. Turning to data, Market will look at API weekly numbers and OPEC monthly oil report which are due to release today. IEA report will be out tomorrow. Today, Asian markets are opened up today. Good day.
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