By Srinivas Chowdary Sunkara // petrobazaar // 26th April, 2019.
Brent closed 22 cents down at $74.35 and WTI settled 68 cents lower at $65.21 a barrel last night. Shanghai crude oil main contract closed 1.63% up at 505.9 Yuan/barrel while MCX crude futures slipped Rs.62 to Rs.4567 yesterday. Brent futures touched above $75 in last session as the quality concerns halted Russian crude imports to some of the European countries which added to the on going supply concerns. Build in U.S crude stocks continued to weigh on WTI prices to trade in a tight range through out the day.
Halt in Venezuela's supplies, Escalation of tensions in Libya, U.S sanctions on Iran crude along with the OPEC + cuts aimed to higher oil prices for last six months. Analysts are in the opinion that the enough barrels of around 1.3Mb are available from Saudi and allies to compensate the missing Iranian barrels coming forth and to take a note that the global markets are well supplied. Oil markets are finding the resistance at $75. Asian markets opened in red today. Traders will find a way after looking at U.S rig numbers today.
Good day and happy week end to all.
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