By Srinivas Chowdary Sunkara // petrobazaar // 26th July, 2019.
Brent Sep futures moved 21 cents up to $63.39 and WTI for Sep delivery edged 14 cents up to $56.02 a barrel last night. Shanghai crude oil main contract futures rose by 3.9 Yuan or 0.89% to 440.6 Yuan/barrel while MCX crude futures closed flat yesterday.
The world benchmark crude futures closed irregularly as the choppy price action that was expected at the beginning of this week still being played amidst an array of cross currents that are prompting seasaw type of environment, influenced by the fundamentals. Ongoing tensions between West and Iran and bullish weekly numbers continued to support price index while economic worries exists that capped the gains. Turning to data, PMI readings from U.S and Europe hit a seven year low in July, suggesting bleak economic outlook. On the supply side, Kuwait and Saudi announced cooperation to exploit the oil riches in the shared field known as the Partitioned Neutral Zone. Asian markets are opened in red today. U.S rig numbers are awaited today which may spur volatility. Good day and happy week end to all.
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