By Srinivas Chowdary Sunkara // petrobazaar // 19th June, 2019.
Brent oil prices surged $1.2 or 1.97% to $62.14 and WTI futures rose $1.97 or 3.79% to $53.9 a barrel last night. Shanghai crude oil main contract futures dropped by 14.3 Yuan or 3.34% to 413.5 Yuan/barrel while MCX crude futures closed Rs.118 up at Rs.3763 yesterday.
Trump tweet of restoration of trade talks ahead of G-20 meet and China's confirmation of get together meet, spurred hopes of resolving the trade irritants, pushed oil prices up. Nervous business owners in the U.S started lobbying to stop further tariffs on China. Mounting tensions in the Middle east also lent support to oil complex. Turning to weekly reports, API said that the U.S crude supplies fell by 812K barrels last week while gasoline stocks are estimated to climb by 1.5 Mb and distillates are edged down by 50K barrels. Government report will confirm the numbers later today. Asian markets are opened mix and oil markets are expected to trade flat today and weekly report may spur some volatility. Good day.
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