By Srinivas Chowdary Sunkara // petrobazaar // 22nd March, 2019.
Brent slipped by 64 cents to $67.86 and WTI prices fell 25 cents to $59.98 a barrel last night. Both the crude markers dropped below 1 pct yesterday. Shanghai crude oil main contract rose by 8.6 Yuan or 1.89% up at 463.9 Yuan/barrel where as MCX crude futures lost Rs.42 to Rs.4146. Oil markets could not continue the earlier session's rally as the traders lacked decisiveness at current levels and waiting for strong clue to go ahead. Non existence of any event or news also contributed to pull back the oil prices from 2019 high levels. Markets are very likely to watch rig numbers closely today.
Fundamentally speaking, OPEC strong compliance rate, Venezuelan exports have dried up and Iranian shipments have slumped are main the drivers of oil prices currently. Larger than expected drawings in U.S stocks, Signaled the tightening of oil, Also extended the support. Delay in resolution from U.S – China trade talks and gloomy economic growth will falter the oil demand are the threatening factors to oil markets. Asian markets are down today. Have a good day.
Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com