By Srinivas Chowdary Sunkara // petrobazaar // 15th March, 2019.
Brent dipped 32 cents to settle at $67.23 while WTI futures rose 35 cents to close at $58.61 a barrel last night. Shanghai crude main contract rose by 8.3 Yuan or 1.87% to close at 452.7 Yuan/barrel where as MCX crude futures in India closed high at Rs.4061. Yesterday, OPEC report stressed for further cuts, Drived brent oil prices up to 2019 highs. Later on both the global crude markers closed mixed as the market got disappointed with the China's economic data. A dip in U.S equity markets also weighed on oil prices yesterday.
I think market probably needed further re assurance to get into next level from earlier session rally which was not received either from OPEC monthly report or from equity markets. OPEC monthly report indicated that the slowing global economic growth seems to be continuing in 1H19. This report also revised down the oil demand growth in both OECD and non-OECD regions while supply growth is revised up from non-OPEC countries. At large, this report is a mixed mag. Asian markets are opened down today. Have a good day.
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