By Srinivas Chowdary Sunkara // petrobazaar // 19th Feb, 2019.
Brent oil prices inched up 25 cents to $66.5 and WTI prices rose 47 cents to $56.06 a barrel last night. Both the crude futures rose below 0.5% on Monday on track for strongest first quarter after 2011. Investor's optimism over OPEC cuts kept the oil prices convincingly towards upside for the fifth day in a row. Financial markets eased a little after a data showed a drop in China's car sales, concerned the growth prospectus in world's second largest economy.
Many of the analysts are in the opinion that the present up trend in oil market is more exaggerated and growing chances of correction due to many 'Ifs' and ' Buts' ahead. Market should keep in mind that the factors of Trump, Trade talks, Brexit issue and supplies from Venezuela and Libya are unpredictable and could have profound impact on oil prices. Turning to OPEC+ deal, I am in the opinion that the Russians are slowing in implementing their promised cuts of 230000 bpd with ref Jan numbers. OPEC+ need two strong legs to sweep output restraint in the face of soaring U.S production. API numbers are due today. Today, Asian markets are opened in green.
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