By Srinivas Chowdary Sunkara // petrobazaar // 15th July, 2019.
Brent oil prices little changed up by 2 cents to $66.72 and WTI oil prices closed 1 cent up at $60.21 a barrel on Friday. Shanghai crude oil main contract futures rose by 3.9 Yuan or 0.84% at 458.2 Yuan/barrel while MCX crude futures settled Rs.6 up at Rs.4138 on Friday. The world oil indexes posted weekly gains during the last week.
Oil indexes were driven by numbers last week. IEA and OPEC issued dueling reports, both forecasting a renewed oil supply in 2020 and predicted that the non-OPEC supplies will outstrip the demand growth. Both the monthly reports capped the gains. EIA surprise report of more than expected fall in U.S inventories drived the oil prices up while it estimated a slowing demand growth around the world coming forth . Reduced barrels from gulf of mexico triggered oil prices up while economic worries continued to drag down. U.S drillers pulled out 5 oil rigs for another week. Asian markets are opened down today after China posted its slowest quarterly economic growth in at least 27 years, reinforcing the faltering demand concerns. Fundamentally speaking, I dont expect rally either side. Good day.
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