By Srinivas Chowdary Sunkara // petrobazaar // 29th May, 2019.
Brent traded flat at $70.11 while WTI settled 51 cents up at $59.14 a barrel last night. Shanghai crude oil main contract futures closed 6.2 Yuan up at 476.9 Yuan/barrel while MCX crude futures traded Rs.11 up at Rs.4143 yesterday.
U.S crude prices gained after flooding throughout the Midwest, Constrained crude flow from main U.S storage hub in Cushing and Oklahoma. Brent closed flat after veering above and below $70 as the prices caught between fears of slowing economy and expectation of OPEC extending cuts in the second half.
Producers group is scheduled to meet on June 25-26 to take a nod on the cuts pact. Saudi is infavour of extending the cuts as the U.S stocks are piled up. Asian markets are opened in red today as the bears on demand are winning compared to bulls on supply. Weekly numbers may stir some volatility in the market today. Good day.
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