By Srinivas Chowdary Sunkara // petrobazaar // 22nd July, 2019.
Brent oil prices rose $0.54 to $62.47 and WTI prices climbed 33 cents to $55.63 a barrel on Friday. Shanghai crude oil main contract futures prices dropped by 8.7 Yuan or 1.98% to 431.4 Yuan/barrel while MCX crude futures closed Rs.7 down at Rs.3828 on Friday. Both the oil benchmark indexes closed around 7% lower during the last week.
Last week, Demand worries and piling up of U.S stocks triggered bearish momentum to close at steepest weekly loss since May. Sky rocketing middle east tensions are extending support to oil complex. IEA estimated no price rally in the near term due to faltering demand from China and other advanced economies. As per the Friday's data, Hedge funds and other money managers raised their bullish wagers on U.S crude but the analysts are in the opinion that price spike would be only temporary. U.S drillers took out 5 oil rigs in the week to July, 19th, A transition from driving oil output growth to focus on returns, bringing value to investors and cash flow. Asian markets are opened up today after a recent episode in middle east injected further geo-political risk into oil markets. Bulls are expected to take a lead today. Good day.
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