By Srinivas Chowdary Sunkara // petrobazaar // 14th Dec, 2018.
Brent inched up by 79 cents or 1.54 pct to $60.72 and WTI changed a little up by 57 cents or 0.95 pct to $51.94 a barrel last night. Over the last week, Oil markets attempted to stabilize after the cartel agreed for cuts to start from Jan, 2019, Continued yesterday also. As usual, EIA outstripped API numbers and reported 1.2 Mb and 1.5Mb of drawings in U.S crude stocks and distillates respectively while gasoline stocks were reported as built up by 2.1Mb. The demand growth for 2018 and 2019 is largely unchanged by IEA from its previous report and said that the global oil supplies will start falling in 2019, After producers council start production cuts from Jan, 19. OPEC estimated that world oil demand will grow in 2019 wrt its monthly report.
After all this, We have done nothing, except trying to fall further. To me, It seems that a production cut news is simply tying a tape around the stilts holding this oil complex upon a sheer cliff over a stormy sea of over production and shaking global economics. Asian markets are opened in red today. Good day.
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