By Srinivas Chowdary Sunkara // petrobazaar // 29th January, 2019.
Brent fell $1.71 to settled down at $59.93 and WTI lost $1.7 to close down at $51.99 a barrel last night. Both the crude futures slipped around 3 percent yesterday, A biggest single day percentage drop in a month. An increase in U.S oil rig numbers as reported on Friday, Signaled for further spike in U.S production concerned the trader. The fears of uncertainty over the prospectus of U.S – China trade war talk also waned the investor confidence.
Bulls continued to bet on the assumption of sustained rise in oil prices backed by production cuts from OPEC + which has seen a biggest monthly jump of around 12 – 13 pct in January month. Asian markets are opened up today as the U.S slapped sanctions on Venezuela's state owned oil company pdVSA, in a move to aim at curbing Venezuela's oil exports to U.S. API numbers are awaited today in the late hours. Good day.
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