By Srinivas Chowdary Sunkara // petrobazaar // 16th April, 2019.
Brent slipped 37 cents to $71.18 and WTI lost 49 cents to $63.4 a barrel last night. Shanghai crude main contract dropped by 4.7 Yuan or 0.99% to 471.8 Yuan/barrel where as the MCX crude futures in India closed Rs.48 down at Rs.4403 yesterday. Both the global crude markers booked nearly 1% loss during yesterday's session.
Oil markets started falling after Russia indicated that OPEC + may boost production to rein in market share. However, The losses were limited by tightening talk across the market as the supplies are fallen from Iran and Venezuela amid expected further U.S sanctions on these two OPEC members. Escalation of Turmoil in Libya could further cut the production, Also supported the oil complex. If, OPEC + preferred to lift the production, Oil prices will be pushed down to $40 as per analysts, In turn, New investments in shale will shrink. Americans will feel heat of producing oil at $40 which will reduce shale production, In turn, there will be shift in market share. Oil prices are continued on downside momentum today. API numbers are awaited later today. Good day to all.
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