By Srinivas Chowdary Sunkara // petrobazaar // 26th January, 2019.
Brent rose 55 cents or 0.9% increase to close at $61.64 while WTI moved up 56 cents or 1.05 % to settle at $53.69 a barrel on Friday. Crude oil futures prices were unmoved and mostly traded flat during the week. Both the crude markers posted first week of loss in four weeks.
There are no significant changes found in crude fundamentals, While prices moved around the raging political turmoil mulled by the expected U.S hard sanctions targeting Venezuela's oil assets. Washington clearly seeks regime change in Venezuela while Military is providing a life line to Mr.Maduro. The U.S prices were largely supported by the expected cut in heavy crude from Caracas however the surge in U.S crude and product stocks limited the gains. Oversupply worries persist in the market while Faltering economies are expected to dampen oil demand, kept pressure on prices although OPEC + pact kept a floor. Baker Hughes reported an additional oil rigs of 10 Nos into U.S drilling market. Happy week end.
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
