By Srinivas Chowdary Sunkara // petrobazaar // 29th July, 2019.
Brent oil prices inched 7 cents up to $63.46 and WTI prices edged 18 cents up at $56.2 a barrel on Friday. Shanghai crude oil main contract futures rose 2.8 Yuan or 0.63% to 442.2 Yuan/barrel while MCX crude futures closed Rs.39 down at Rs.3869 on Friday.
The global benchmark crude price indexes changed insignificantly, Clocked a weekly rise of above 1%. The world price indexes struggled for direction amid a battle between those who think that world macro economics will slow the demand outlook and those who are looking at Persian gulf tensions. Turning to weekly data, U.S drillers dropped another 3 oil rigs during the last week, Signalling that the shale companies may need to increase the spending to keep production from flattening out. On the supply side, China's production numbers became thin and getting imported from Iran. Geo-political tensions and concerns on bleak demand outlook continue to exist in the market. Markets will look at U.S – China trade talks during the week to be re initiated on Tuesday followed by weekly reports. Asian markets opened flat today. One should note that the fundamentals are increasingly play a significant role in the oil markets. Inventory drawings and political tensions failed to stir the oil prices last week. Good day.
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