crude today 14-08-2019

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 14th August, 2019.

Brent Oct futures advanced $2.73 to $61.3 and WTI futures for Sep delivery jumped $2.17 to $57.1 a barrel last night. Shanghai crude oil main contract futures dropped by 1.2 Yuan or 0.29% to 418 Yuan/barrel while MCX crude futures closed Rs.129 up at Rs.4035 yesterday. Brent traded at a premium of $4.2 to WTI.

The world crude oil price index soared yesterday on easing the global trade war concerns after US said that it would delay 10% tariff on certain Chinese goods. Any glimmer of possibility of getting some type of deal reviving the prospectus for a positive vibes towards demand outlook. Turning to weekly numbers, Oil prices pared the gains after API reported that the US oil inventory is getting piled up during the last week. US government data will confirm the numbers today. On the suppliers front, Aramco stood the biggest money maker despite of low oil prices after making $46.9 billion in net income for the 1H19. Iran  is going to restructure its budget in a way that should reduce the country&#39s dependence on oil revenues to zero. Asian markets opened today with a gap down and the oil indexes do not have any firm trend so far. I expect a further spike in oil prices today, If the US government reported a draw down in inventories. Good day.

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



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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