By Srinivas Chowdary Sunkara // petrobazaar // 19th March, 2019.
Yesterday, Brent prices touched 2019 peaks to settle at $67.54 and WTI closed at $59.09 after reaching 4 months high. Both the crude futures stepped up below 1 percent. Shanghai crude main contract dropped by 2.5 Yuan or 0.55% to close at 451.2 Yuan/barrel while MCX crude futures in India inched up Rs.20 to settle at Rs.4058.
Oil markets got reconfirmation of supply curbs from the producer's club via the past week end's meeting. The de-facto leader of OPEC, Saudi reiterated the need to extend the supply cut pact post June into 2H19. With ref to Genscape data, U.S crude stocks at major storage hubs were dipped, also extended support to oil prices. Asian markets are trading with a gap up today. A fresh batch of crude oil inventory data from API will be closely monitored to determine whether U.S ramped up production or not. Have a good day.
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