By Srinivas Chowdary Sunkara // petrobazaar // 18th Oct, 2019.
Brent oil futures rose 49 cents to $59.91 and WTI crude futures gained 57 cents to $53.93 a barrel last night. In Shanghai, crude oil main contract futures dropped by 11.6 Yuan or 2.55% to 444.1 Yuan/barrel while MCX crude October futures slipped by Rs.13 to Rs.3805 yesterday. Brent futures traded at a premium of $5.98 to WTI.
The world benchmark crude futures prices rose about 1% after U.S official data showed significant draws in U.S fuel inventories but gains were limited by more than expected build in US crude stocks. European Union leaders unanimously supporting Brexit deal extended support to oil prices. Turning to weekly data, EIA disagreed with ever trusted API predictions. EIA reported 9.3Mb build in US crude stocks which is more than expected. Falling U.S refinery operations rate mounted demand worries sparked by ongoing gloomy economic reports. Analysts warned that if market see more indications of faltering demand, Oil prices will descend further.
Asian markets are opened down today and it does not indicate any firm trend so far. I do not find any clues to drive the oil prices up at this moment.
Good day and happy week end.
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