By Srinivas Chowdary Sunkara // petrobazaar // 19th Dec, 2018.
Brent lost $3.35 or 5.62 pct to $56.26 a barrel and U.S crude fell $3.64 or 7.3 pct to close at $46.24 a barrel yesterday. Both the crude markers extended declines amid heavy sell off pressured by a flood of supply side news. The industry group, API report estimated a build of 3.5Mb in U.S crude stocks during the last week, Which needs confirmation from government agency. The consensus is on drawings of 3Mb.
Turning to fundamentals, There are no significant changes from yesterday. In the broad sense, Market looks weak, weighed down by fears of supply gluts and deteriorating demand outlook. Cuts proposal is there but it is giving a floor to market and extending little support, not really. Coming to economic front, China is trying to manage a decline from its enormous growth which will put on weight on world debt in turn pull back the demand prospectus. Asian markets are trading in green today. Good day.
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