By Srinivas Chowdary Sunkara // petrobazaar // 14th Nov, 2018.
Both the crude benchmark futures lost around 7 pct yesterday, struggling to find their footing today. On Tuesday, Brent prices dropped by $4.65 or 6.63 pct to close down at $65.47 and WTI current month futures prices went down by $4.24 with a 7.07 % drop to settled down at $55.69. Both the crude markers officially entered into bearish territory. Supply glut and economic slow down concern kept the market under check. Trump's tweet over production cuts added to the fuel.
'Output' is the talk of the town for the day. A slump in spot prices pushed the forward curve into 'contango' structure which indicates that markets are over supplied and unattractive to store the oil. OPEC monthly oil report was out. The cartel revised down the the global economic growth for 2019. The report also revised down the global oil demand from previous month's projections. Non-OPEC supply is expected to rise in 2019 as per the report. Asian markets are trading in red at the time of reporting. Good day.
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