crude today 13-10-2018

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 13th Oct, 2018.

Brent closed up by 17 cents with 0.21 pct increase at $80.43 a barrel and U.S crude edged up by 37 cents or 0.53% to $71.34 per barrel last night. Both the crude markers posted around 4-5 pct weekly loss. Correlation with equity markets has come back in this week. Weak economic data, global trade wars and rising oil prices caused for a correction in global equity markets which has weighed on oil prices. 

Both IEA and OPEC trimmed the oil demand forecast for the current year and coming year. IEA says that costly oil has come back into market and OPEC said that oil markets are well supplied. As per EIA, Refinery maintenance season piled up the U.S stock levels four times as high as those predicted by analysts. Increased American&#39s production numbers along with the bearish monthly oil reports pressed the oil prices. Rig numbers will come today. As per FIS, U.S black gold will become black platinum as demand for lighter sweeter crudes increases to deal with the IMO sulphur 0.5% cap. Yes. It is a food for thought over week end. Have a nice week end.

Disclaimer: Views and opinions expressed here are for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com


Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

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