By Srinivas Chowdary Sunkara // petrobazaar // 26th June, 2019.
Brent oil prices edged 19 cents up to $65.05 and WTI oil prices slipped 7 cents to $57.83 a barrel last night. In Shanghai, the main contract prices dropped by 5.1 Yuan to 440 Yuan/barrel where as the MCX crude oil futures closed Rs.43 up at Rs.4036 yesterday.
Fundamentals remained unchanged in the oil markets while weekly data spurred some volatility. Oil complex is struggling to pick up a direction in the short term amid the tug of war between ongoing bullish and bearish factors. Traders shrugged off Trump threatening comments on Iran while API weekly report of falling U.S crude stocks for the second consecutive week rang bullish bells. U.S government data needs to confirm the industry data later today. Asian markets are opened bullish today after prices popped up on expected U.S inventory drawings. Good day.
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