By Srinivas Chowdary Sunkara // petrobazaar // 30th Nov, 2018.
The international bench mark crude futures, Brent moved up by 75 cents or 1.28 pct to $59.51 and the U.S crude benchmark futures, WTI went up to settle at $51.45, a $1.16 spike with 2.31 pct up yesterday. It seems that the crude reversed the course to break free fall on supply glut, after a report of Russia joining hands with OPEC friends to cuts. Oil retreated from session highs after Federal reserve signaled to interest rate hike which has edged up dollar index, in turn pressed the oil prices.
It is good that the oil market is coming back to the fundamentals, talking supply-demand after pandering to all silly reasons to recent volatility. Tensions with Iran and Korea are less intensified, All the warning signals are under surface for time being. Markets are focused on two big meetings scheduled at week end and a week after. Both the events are expected to create much sentiment to the global economy and to give direction to the oil market. Today, Asian markets are trading in green at the time of reporting. Good day and happy week end.
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