By Srinivas Chowdary Sunkara // petrobazaar // 27th Feb, 2019.
Brent futures gained 45 cents to $65.21 and WTI futures inched up 2 cents to close at $55.5 a barrel last night. Shanghai crude oil contract futures dropped by 4.72% at 433.1 Yuan/barrel while Indian MCX March futures contract recovered Rs.34 at Rs.3986. Both the global crude markers recovered slightly from Monday's sharp fall.
Traders turned focus back to tightening of supplies from OPEC and sanctions on Venezuela would further tighten the markets. Despite the famous tweets, OPEC confirmed that It would stick to the pledged cuts and would push for more adherence to balance the market. The cartel reiterating for further cuts triggered the oil prices up. Oil prices rose after API reporting surprise fall in U.S crude and gasoline stocks by 4.2 and 3.8 Mb respectively while distillates stocks rose by 400Kb as per report. EIA will confirm the numbers on Wednesday. Consensus is on build in crude stocks while product stocks are expected to fall. Good day.
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