By Srinivas Chowdary Sunkara // petrobazaar // 28th May, 2019.
Brent futures prices settled $1.42 up to $70.11 while WTI futures prices closed 50 cents up at $59.13 a barrel last night. Shanghai crude oil main contract futures dropped by 2.7 Yuan or 0.57% where as MCX crude futures inched Rs.61 up at Rs.4132 yesterday. Ongoing Middle East tensions and tightening of supplies from Russia, Together drove the price above 1% up yesterday. Public holiday in U.S and U.K limited the participation and volumes.
Brent's price structure remains in backwardation, With prices for immediate delivery is higher than those for future dispatch. The main fundamental factor, Weigh on oil prices is the concern of slowing global economy which may dampen oil demand, Going ahead. API numbers are due to release. Asian markets are opened in green and trading up at the time of reporting as the market continued to focus on cuts and tightening markets. Have a good day.
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