By Srinivas Chowdary Sunkara // petrobazaar // 17th January, 2019.
Brent rose 68 cents to close at $61.32 and WTI inched up by 20 cents to settle at $52.31 a barrel yesterday. Both the crude futures closed flat after a marginal spike of around 3% in the previous session. Oil prices were pressured by the ballooning product stocks in U.S which indicated bearishness and overshadowed the drawings in crude stocks during the last week. As per the EIA report, U.S crude stocks were drawn by 2.7 Mb while gasoline and distillates stocks were built up by 7.5Mb and 3Mb subjectively. The weekly numbers also showed that the U.S crude production jumped to 11.9 Mbpd while crude exports stood nearby 3Mbpd which could undermine the efforts of OPEC + to reign in over supplies through its pact. Economic worries continued to weigh on oil prices on mounting signs of weak economic data from China to Europe. Asian markets are opened down today. Good day.
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