By Srinivas Chowdary Sunkara // petrobazaar // 25th March, 2019.
Brent prices slipped by 56 cents or 0.93% at $67.3 while WTI prices lost 94 cents or 1.57% to close at $59.04 a barrel on Friday. Both the global crude futures closed last week positively. In China, Shanghai crude oil main contract rose by 1.5 Yuan or 0.33% to 460.9 Yuan/barrel while MCX crude futures in India inched down by Rs.71 at Rs.4075.
Fundamentally speaking, Macro factors like grim PMI data and non-progressive trade talks, Could be able to suppress the bullish impact created by the latest weekly stock reports. Crude markers started to dip from 2019 highs after oil market shifted focus from bullish U.S stock reports to disappointing manufacturing data from Germany and U.S.. Baker Hughes reported another fall in U.S rig numbers and IEA estimated that U.S will become net exporter by 2021. Asian markets are opened down today as the looming recession concerns. Good day.
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