By Srinivas Chowdary Sunkara // petrobazaar // 13th February, 2019.
Brent futures rose 91 cents to $62.42 and WTI prices inched up 69 cents to close at $53.1 a barrel last night. Both the crude futures surged around 1.5 percent yesterday. It seems that the oil market shifted focus from macro factors to supply tightening talks by OPEC allies in the current physical markets. Yesterday, Market was bid on OPEC report, its numbers and further cuts announced by the De-facto leader of OPEC. Growing investor optimism for a break through in the latest round of U.S – China trade talks also bolstered the futures.
OPEC estimated down the oil demand in its monthly oil report, showing the slowing economic growth across the globe. The ever trusted API predicted unexpected fall in U.S crude and distillates stocks by 998Kb and 2.5Mb respectively while gasoline stocks were reportedly rose by 746Kb for the week ended Feb, 8th. The EIA will confirm the numbers today while the consensus is on crude build. IEA monthly numbers are out today. Today, Asian markets are trading in green zone on supply tightening talk by Saudi Arabia. Good day.
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