By Srinivas Chowdary Sunkara // petrobazaar // 12th June, 2019.
Brent oil prices closed unchanged at $62.29 while WTI prices inched up 1 cent to $53.27 last night. Shanghai crude oil main contract futures prices slipped by 3.2 Yuan to 431 Yuan/barrel while MCX crude futures settled Rs.34 lower at Rs.3720 yesterday.
Unchanged fundamentals in the oil markets kept oil prices under check. Brent prices were settled steadied as the demand outlook countered the OPEC cuts. An optimism that the OPEC group could extend supply cuts pact is the only key factor that supported the Brent prices yesterday. EIA cut its oil demand growth for 2019 and bearish API report, Kept weigh on WTI prices yesterday.
Today, Asian markets are opened down as the investors eye on increasing stocks in U.S amid weaker economics. U.S Government data will confirm the API numbers today. It seems that the investors are keeping away from the market as the global economic data has been chock full of negative surprises. Good day.
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