By Srinivas Chowdary Sunkara // petrobazaar // 21st August, 2019.
Brent oil prices edged 29 cents up at $60.03 and WTI oil futures prices closed down insignificantly by 8 cents at $56.13 a barrel last night. Shanghai crude oil main contract futures rose by 8.3 Yuan or 1.98% to 427 Yuan/barrel while MCX crude futures closed flat at Rs.4021 with an increase of Rs.1, Yesterday. Brent premium to WTI widened slightly at $3.9 from previous session.
The World Crude Oil Price Index steadied yesterday on an unchanged fundamental clues like optimism over easing of trade tensions between US and China, Hoping stimulus measures by major economies to counteract slowing growth and ongoing equity rally. Turning to weekly numbers, API reported a draw down in U.S crude and gasoline supplies by 3.5 Mb and 403Kb respectively while distillates supplies rose for the week ending August 16th. Consensus is on drawings in US stocks, which will be confirmed by government data later today. At the outset, Oil prices became volatile and vulnerable to speculation. As a result, Exporting countries are losing income and wealth while the international oil companies are looking at an opportunity to regain access to areas closed to private ownership for the past half century. Asian markets opened mix today. weekly numbers may spur some volatility today. Good day.
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