:: Market News --- ID :: 16804
crude today // 18-11-2019
trade deal vs rasing supplies

By Srinivas Chowdary Sunkara // petrobazaar // 18th Nov, 2019.

Brent oil futures for January delivery rose $1.02 to $63.3 and WTI oil futures to be delivered in December gained 95 cents to $57.72 a barrel last night. In Shanghai, Crude oil main contract futures prices fell 3.2 Yuan or 0.71% to 450.6 Yuan/barrel while MCX crude oil futures prices closed Rs.33 up at Rs.4134 on late week. Brent premium to WTI widened to $5.58.

The world crude oil prices indexes closed higher for the second straight week logged in above 1% gains. During the early last week, crude prices were pressed by lingering trade worries and  fall in Chinese producer's prices. In the mid week, Bearish weekly inventory numbers continued to weigh on oil complex while OPEC monthly report propelled oil indexes. IEA monthly report did some upward adjustment in non-OPEC oil supply growth the next year that capped the gains on late week. Turning to rig numbers, U.S drillers took out 10 oil rigs for the week ending Nov, 15th. Today morning, Oil markets opened up during Asian hours but it does not demonstrate any firm trend so far.  Good day to all.

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