By Srinivas Chowdary Sunkara // petrobazaar // 23rd Nov, 2018.
Brent dropped by 88 cents to $62.6, a fall of 1.39% and WTI slided to $53.86 with 1.41 pct change last night. The spread was narrowed remarkably to $8.74 during yesterday's session. The weekly stock report showed a larger than expected build and Weak Asian and European markets, worried over slowing economic growth contributed to yesterday's oil price fall. OPEC talk of production cuts limited the losses.
The news outlets reported another tweet from Mr.president thanking Saudi for lower oil prices. I dont know, How is it possible? lower oil prices became possible only through market as the fair value of the commodity is determined by the market controlling factors, not by a group of producers or by a trump card. U.S markets remained muted until Monday due to thanks giving holiday on Thursday. Baker Hughes reported a drop of 3 nos in U.S rig count. Markets are not expected to too quite without Americans. Now its time for fun, Wishing you happy week end.
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