By Srinivas Chowdary Sunkara // petrobazaar // 24th January, 2019.
Brent prices slipped 36 cents to close at $61.14 and WTI futures prices dropped by 39 cents to settle down at $52.62 a barrel on Wednesday. Both the futures shed below 1 percent after losing around 2 percent in the previous session. Bearish API numbers and EU consider to circumvent U.S sanctions on Iran, weighed on oil prices yesterday. Markets paying attention to weakening NYMEX crack spreads limited the U.S oil gains.
The American Petroleum Institute reported that the U.S crude supplies rose by about 6.6Mb and build in product stocks for the week ended 18th Jan.The U.S Govt. agency needs to confirm the numbers late today. The consensus is on drawings in crude stocks and a little build in product stocks. In the coming days, EU is expected to by pass fresh U.S curbs on Iran oil through facilitation of non-dollar trade with Iran as indicated by France foreign minister. Saudi continues to be optimistic on rise in oil demand at least by 2040 and confident of supplying the last barrel in the world, Thanking to its low production cost. Asian markets are opened red today. Weakly numbers may spur some volatility today. 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
