By Srinivas Chowdary Sunkara // petrobazaar // 18th June, 2019.
Brent lost $1.07 to $60.94 and WTI prices fall 56 cents to $51.93 a barrel yesterday. Shanghai crude oil main contract futures dropped 1.6 Yuan/barrel while MCX crude futures settled Rs.40 down to $3645 yesterday. Both the global crude markers closed above 1% down last night.
Poor Chinese economic numbers added to the fears of lower oil demand while middle east tensions supported oil prices. The New York state posted a record fall in business growth this month to its weakest level in more than 2-1/2 years due to escalation of U.S – China trade tensions. U.S energy department said that shale oil out put is expected to reach record high levels in the month of July which will keep pressure on oil prices. API numbers are awaited later today. Asian markets are steadied today. Oil market is looking at the upcoming OPEC+ meet to take further move.The market is desperately in need of some positive economic data to move from bearish territory.
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
