By Srinivas Chowdary Sunkara // petrobazaar // 15th Nov, 2018.
Brent settled up by $0.65 to $66.12 and WTI closed up by $0.56 at $56.25 a barrel yesterday. On Wednesday, Both the crude futures recouped from 12 straight days loss to post around 1 percent gains . Reuters report of OPEC and its partners discussing the production cut of 1.4 Mbpd halted steep sell off, yesterday. Oil prices pared gains in post settlement period after our API friends reported another significant build in U.S crude inventories for the week ending Nov 9th. The drop in oil prices is underlined by fears of surge in supplies and the growing concerns of the global economy. The support seems to be evaporated almost completely.
IEA reported that oil demand is slowing in several non-OECD countries while global oil supplies are growing rapidly. As per the monthly report, global oil demand growth is also now largely unchanged. Yes, it is a bearish news. EIA weekly numbers are awaited. Oil prices continued to shed today on deteriorating global economic conditions materially. Asian markets are trading in red. Good day.
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