By Srinivas Chowdary Sunkara // petrobazaar // 20th March, 2019.
Brent inched up 7 cents to $67.61 and WTI fell 6 cents to $59.03 a barrel last night. Shanghai crude oil main contract closed at 457.3 Yuan/barrel , rose 8.8 Yuan or 1.96% while MCX crude futures in India settled up by above 1% at Rs.4102 yesterday. Oil markets dragged support from the expectation that the OPEC+ could continue cuts till the year end. Lowering the hopes of erasing the trade irritants between U.S and China tanked the market a little bit. However, Surprise fall of stocks reported by API kept flour for oil prices.
Turning to weekly data, The American Petroleum Institute reported that the U.S crude and gasoline stocks were drawn by 2.1Mb and 2.8 Mb while distillates stocks were lowered by 1.6Mb for the week ended March, 15th. The government data is awaited and consensus is on building crude stocks and a dip in product stocks. Asian markets opened flat today. Good day.
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