By Srinivas Chowdary Sunkara // petrobazaar // 15th Oct, 2019.
Brent futures dropped $1.16 to $59.35 and WTI oil prices slipped $1.11 to $53.59 a barrel last night. In Shanghai, Crude oil main contract futures rose by 14.9 Yuan or 3.3% to 466.7 Yuan/barrel while MCX crude futures for Oct delivery closed down by Rs.54 to Rs.3815 yesterday. Brent traded at a premium of $5.76 to WTI.
The world crude oil price index sagged down, clawing back some of the late week's gains, On demand worries and strong dollar. The market felt that the hopes are faded for early resolution to US-China trade irritants, as indicated by the first phase of trade talks. Analysts are in the opinion that the oil complex is in the process of relinquishing a major portion of trade inspired gains on late week, Out of optimism surrounded by trade talks. Ongoing middle east tensions rendered some support to oil prices. Asian markets opened down today, extending yesterday's losses on weak Chinese economic data compounded lingering worries over the stumbling economy which may dampen fuel demand. I feel bear fest will continue for some time which may rip prices further lower. Have a good day.
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