By Srinivas Chowdary Sunkara // petrobazaar // 19th Nov, 2018.
Brent rose 14 cents to $66.76 and WTI closed flat on Friday. Both the crude benchmark futures posted another weekly loss for the sixth straight week. Brent lost 6.13 pct and WTI went down by 4.76 pct during the week.
On Last Monday, Crude markets rebounded and opened in positive territory on the news of OPEC allies to trim production up to 1 Mbpd. A sell off in the stock markets pulled back oil markets into bearish mood. Later on bearish monthly oil market reports and reports of builds in crude stocks continued to drag the oil prices into bearish territory, evaporating all the support. Russia signalling opposition to production cuts weighed on. Saudi's statement of production cuts of 500000 barrels in Dec month and expected cut of 1Mbpd in the coming OPEC meeting on Dec 6th kept a floor. Brent started recovering for last three sessions during the last week. The talks of the town is 'Supplies'.
Baker Hughes reported that U.S drillers added another 2 oil rigs into production which indicate the higher production numbers in the coming days. Analysts are in the opinion that producers took care of optimization of cost through advance in technology after 2014 fall in prices. Even at $50, Industry is in black. Asian markets are opened in green on Monday. Have a good day.
Disclaimer: Views and opinions expressed here are 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