By Srinivas Chowdary Sunkara // petrobazaar // 25th June, 2019.
Brent oil prices inched down by 34 cents to $64.86 and WTI prices edged up by 47 cents to $57.9 a barrel last night. Shanghai crude oil main contract futures closed 9.4 yuan up at 447.6 Yuan/barrel while MCX crude futures slipped Rs.24 to Rs.3993 yesterday. Both the global crude markers closed mixed last night.
Market concerns about the possible conflict between the U.S and Iran eased as the U.S called off retaliatory attack, which limited gains yesterday. Trump announced another round of tariffs on Iran. It seems that the traders have lessened their odds as the market is not able to build confidence over U.S-Sino trade talks. Expected tight supplies extended some support as the producers are expected to curb production further after July 1-2 meet. Turning to data, Weak manufacturing data released by Federal Reserve Bank of Dallas on Monday added concern about slowing oil demand, Weighed on oil complex. API report is awaited later today. Today, Asian markets are trading in red zone at the time of writing. Prices are likely to be on sideways under the prevailed conditions, Good day.
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