By Srinivas Chowdary Sunkara // petrobazaar // 27th Nov, 2018.
Oil prices clawed back some of the losses from nearly 7 pct slump on last Friday which traders dubbed as black Friday since both the benchmarks posted biggest monthly loss in a single session after Oct, 2017. On Monday, Brent rose $1.68 or 2.86% and WTI gained $1.21 with 2.4 pct recovery from its previous session. There is nothing much to say about advancement in yesterday's price since the oil found some support from equity rally along with a report that stocks at major U.S storage hubs raised only a few barrels. Demand concerns and supply glut news continued to cap the gains yesterday.
CFTC said that Hedge funds and money managers raised their long positions on U.S crude for the first time since Sep. I heard that If U.S crude manages to sustain above $49, a corrective rally to $55 is possible in the coming days, If it breaks below $49, prices can fall further to $47 or even to $45. Today, Markets are cautious as the Saudi production numbers are weighing on. Good day.
Disclaimer: Views and opinions expressed here are 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
