By Srinivas Chowdary Sunkara // petrobazaar // 16th Nov, 2018.
Brent gained 50 cents to $66.62 and WTI rose by 21 cents to close at $56.46 a barrel last night. Both the crude markers are set to post for another weekly loss. The benchmark news in this week is that EIA confirmed the API numbers, A shock to forecasters and writers who undermines the Industry's estimations. U.S crude stocks were built up by 8.9Mbpd as per EIA, which, oil prices shrugged off yesterday. Low product stocks along with the expectation of production cuts supported the oil prices on Thursday.
Beyond that. there is nothing new to say about oil complex. To surprise Riyadh, Russia announced that they are not intended to join for curbs. Trump wants relatively low oil prices. Saudi announced to cut 1.4 Mbpd in the next year. Market didn't seem to react heavily to this news, but helped to keep flour for price at the $65 in the short term. Today, Asian markets are opened in positive territory and prices are expected to be stable today. Rig numbers are due today, a key indicator amid rising U.S production numbers. Have a nice weekend.
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