By Srinivas Chowdary Sunkara // petrobazaar // 28th Nov, 2018.
Brent inched down by 27 cents at $60.21 and WTI settled down at $51.56, a loss of 7 cents last night. I repeat my earlier commentary. Fears of over supply and trade wars, looming escalation dampening petroleum demand outlook kept the market in wait and watch mode , expected cuts supported the market.
Coming to weekly stats, API reported another build of more than 3 Mb in U.S crude supplies for the week ending 23rd Nov. The government data needs to confirm the numbers, consensus is on declining U.S crude stocks. Oil prices closed flat after watching API report.
Turning to events, Market participants are looking ahead of scheduled OPEC and non-OPEC meeting in Dec along with the G-20 summit later this week. G-20 countries are expected to take trade war between Washington and Beijing top of the agenda. Top producers, U.S, Saudi and Russia are also participating. In Dec, JMCC will meet ahead of OPEC meeting to discuss the compliance of the production cut deal. In continuation, OPEC and non-OPEC friends will meet with 'production cuts' top of the agenda.
Coming back to G-20 meet, Let us hope that the Saturday night dinner will “turn the page”, erasing trade war irritants between U.S and China, which would be pushing oil demand up coming forward. 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
