By Srinivas Chowdary Sunkara // petrobazaar // 25th April, 2019.
Brent prices rose 6 cents to $74.57 and WTI prices slipped 41 cents to $65.89 a barrel yesterday. Shanghai crude oil main contract closed up by 3.5 Yuan at 497 Yuan/barrel while MCX crude futures settled Rs.12 down at Rs.4629. Yesterday, Bearish weekly report pushed U.S futures under pressure as the U.S crude stocks were reportedly built up more than expected last week in spite of record growth in refinery run rate.
The global crude benchmark prices hovered to six months high on U.S threatening Iran oil supplies and the response from Iran through Straight of Hormuz. Analysts are in the opinion that Markets have not really worried much and prices are expected to be in a reasonable level. Hopefully, Saudi may relax its cuts to compensate the missing barrels from Iran, without breaking OPEC + pledge. Markets started looking at micro factors and the surge in spot prices pushed the brent curve into deep backwardation. Asian markets opened flat today, heading for weekly gains. Rig numbers are due tomorrow. Have a good day.
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