crude today 17-5-2019

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 17th May, 2019.

Brent oil prices advanced 85 cents or 1.18% to $72.62 and WTI prices went 85 cents up or 1.37% to $62.87 a barrel last night. Shanghai crude oil main contract futures moved 1.11% up to 506.5 Yuan/barrel while MCX crude futures rose settled Rs.54 up at Rs.4420 yesterday. 

Saudi-led military coalition carried out several air strikes on the Houthi held capital Sanna on Thursday in a retaliation to earlier drone attacks on its oil infrastructure. Oil markets considered the escalation of tensions in the Middle East as a serious threat to global supplies which has put the Asian refiners on alert. Tighter gasoline supplies and rally in equity markets also supported oil prices, heading to weekly gains. Unless and until there is a step back from the current situation in the Middle East, Uncertainty will continue to persist. Have a good day and week end.

Disclaimer: Views and opinions expressed here are personal. This commentary is  for  information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

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