By Srinivas Chowdary Sunkara // petrobazaar // 13th Nov, 2018.
Brent prices changed a little by 6 cents to settle down at $70.12 and WTI closed down by 26 cents to $59.93 yesterday. On Monday, U.S crude prices fell for straight 11th session, posting its longest streak on record. Both the crude markers headed back upwards in the early session after adding the bullish sentiment by Saudi's production cut comments. Sell off in stock markets pulled back oil markets into bearish mood as the recent strong correlation with oil complex reasserted on Monday. Strong dollar also weighed on oil prices.
After U.S sanctions on Iran took effect, The talk of the town has gone from 'supply shortages' to 'supply glut'. Now OPEC is focusing on mitigating the downside risk after a fall of 20% in oil prices. Saudi proposed supply cuts, Kuwait and Iraq indicated to join in a move. Russia is signalling some opposition to supply cuts. Now, Markets eye on monthly reports and weekly stats. OPEC monthly report is due today and IEA is set to release MOR on 15th. API weekly data is also to be released today. Some volatility is expected during the week. Asian markets are opened in red today.
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