By Srinivas Chowdary Sunkara // petrobazaar // 30th July, 2019.
Brent oil futures prices edged 25 cents up to $63.71 and WTI oil futures prices inched 67 cents up to $56.87 a barrel last night. Shanghai crude oil main contract futures prices dropped by 3.3 Yuan or 0.75% to 439.2 Yuan/barrel while MCX crude oil futures settled Rs.64 down to Rs.3805 yesterday.
The global crude benchmark index prices treading waters ahead of this week's events. Market is looking at renewed trade talks between U.S and China during the week. Traders are watching Fed, expecting that the U.S central bankers will reduce the borrowing costs in the midst of week. Supply risk tensions from Straight of Hormuz waters continued to stay in the market. U.S economic growth slowed less than expected in the second quarter, Strengthened demand outlook. Turning to data reports, API weekly inventory data is awaited later today. Asian markets are opened in green. Trade talks and Fed rate could prove to be this week's larger drivers of oil price while weekly inventory numbers may spur some volatility. Good day.
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