By Srinivas Chowdary Sunkara // petrobazaar // 20th Nov, 2018.
Brent Jan futures inched up by 3 cents to close at $66.79 and WTI Dec futures gained 30 cents to settle up at $56.76 a barrel in yesterday's choppy trading. WTI Dec futures contract expired after on Monday and now Jan contract is in place. To be frank enough, there was no material shift in market fundamentals which were decidedly aligned in favor of bears. Reported draw down in of U.S crude inventories, producer's mull over production cuts and Endorsement of E.U's sanctions on Iran supported oil prices yesterday.
Is history is going to repeat itself? May be, since its a November month and OPEC is talking about production cuts. But this time, Situation is changed. U.S producing oil at all time high and Russia is not in favor of cuts and U.S – China trade disputes continue to weigh on economic growth. Now all eyes are on December 6th OPEC meeting. Asian markets are opened mix today. Good day.
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