By Srinivas Chowdary Sunkara // petrobazaar // 21st March, 2019.
Brent rose 89 cents or 1.32% to $68.5 while WTI front month futures contract, which expired on Wednesday, gained 80 cents or 1.36% to $59.83 a barrel last night. Shanghai crude oil main contract advanced 2 Yuan or 0.44% to 457.5 Yuan/barrel while MCX crude futures settled up at Rs.4119, A gain of Rs.17. The Oil spectrum got support after EIA reported surprise drawings across the board, Signaled the tightening of the market. However, Gains were capped by the binary risks presented by ongoing trade talks between two major economies.
Turning to weekly data, The EIA presented a bullish report which showed hefty fall after July, 2018 in crude and product stocks in U.S due to heavy refining demand. Brent front month curve moved into backwardation since the product price for immediate delivery is higher than that of future supplies due to supply tightening. Oil prices edged lower during Asian hours today. Good day.
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