By Srinivas Chowdary Sunkara // petrobazaar // 22nd Nov, 2018.
Yesterday, Crude prices bounced back from Tuesday's low levels in months. Brent futures gained $0.95 to $63.48, 1.52 % increase and WTI went up by $1.2 to $54.63, 2.25% recovery from previous closing. To me, Market seems bleak and any rhetoric and anticipation is moving oil prices either way. There is no new definitive market news which can drive oil prices at this moment. Bulls seems to be desperate to refer ever trusted API report to drive oil prices up on Wednesday. As per the Reuters, Strong product demand and first dip in Cushing in months extended some support to WTI curve. Apart from that, Over all market remained weak after tumbling global equity markets on worries over economic prospectus.
As per EIA weekly data, The commercial crude oil stocks in U.S were built up by 4.9Mb during the last week. Gasoline and distillates stocks were drawn by 1.3 Mb and 0.5Mb respectively. This report estimates that the U.S production at 11.7 Mbpd for the second week in a row, The highest production rate in U.S. Asian markets are opened in red today, responding to swelling U.S crude inventories. Good day.
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