crude today 23-07-2019

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 23th July, 2019.

Brent oil prices rose 79 cents to $63.26 and U.S oil prices closed 59 cents up at $56.22 a barrel last night. Shanghai crude oil main contract futures prices edged up 6 Yuan or 1.4% to 434.7 Yuan/ barrel while MCX crude futures went Rs.66 up to Rs.3894 yesterday. Both the benchmark indexes posted above 1% gains during yesterday&#39s session.

The selling pressure stoked by the demand concerns last week seems to be evaporated this week after speculative money started coming back into oil due to escalation of middle east tensions . Hedge funds and other money managers raised their combined futures and options positions on U.S crude for the second week and increased their positions on brent  as per the data. IEA said that it is closely monitoring the developments in the Strait of Hormuz and stands ready to act if needed. The energy watch dog also expects U.S oil exports to overtake Russia and Close in on Saudi by 2024. API data is awaited later today. Asian markets opened flat today. Geo-political tensions may keep supporting oil complex while weekly data is expected to spur volatility. 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

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

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