By Srinivas Chowdary Sunkara // petrobazaar // 31st January, 2019.
Brent inched up 33 cents to $61.65, gaining 0.54 % while U.S crude advanced 92 cents or 1.73 pct to $54.23 a barrel yesterday. Oil prices extended gains after U.S government data showed crude stockpiles built up less than the analysts expectations. Prices gained momentum on supply tightening signal from falling product stock numbers along with expected supply disruptions following U.S sanctions on Venezuela.
Although traders reacted to political turmoil in Caracas, “Fear Premium” in crude prices on the global supply and demand level is not expected as the oil markets appears to be unconcerned about the latest sanctions on PDVSA. Oil markets will continue to track global economic sentiment pointed to progress in U.S-China trade talks this week. I dont expect any significant volatile movements. Asian Markets continued to be on upside today. Good day.
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