By Srinivas Chowdary Sunkara // petrobazaar // 13th March, 2019.
Brent inched up 9 cents to settle at $66.67 and WTI edged up 8 cents to $56.87 a barrel last night. Shanghai crude oil rose while the main contract dropped by 0.5 Yuan or 2.8% at 439.7 Yuan/barrel. MCX current month contract settled up at Rs.3970 with a Rs.2 change. Oil complex was supported by signs of further cuts by OPEC and U.S government reduced its forecast of domestic production in 2019. Meanwhile, Nationwide black out in Venezuela plunged oil output also provided a reason for a slight climb in oil prices yesterday.
The American Petroleum Institute (API) reportedly show an unexpected decline in crude and gasoline stocks by 2.6Mb and 5.8Mb respectively while distillates stocks rose by 195Kb. EIA will confirm the numbers today and the consensus is on build in crude stocks and drawings in product stocks for the week ended 8th March. Oil markets are expected to look at OPEC and IEA monthly oil reports during the week which may spur little volatility. Asian markets are trading in green at the time of reporting today. Good day.
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