crude today 15-10-2019

Check out for Prices!

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&#39s 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&#39s 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.

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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