By Srinivas Chowdary Sunkara // petrobazaar // 5th July, 2019.
Brent oil prices slipped 52 cents to $63.3 and U.S crude oil futures fell 54 cents to $56.8 a barrel last night. Shanghai crude oil main contract futures dropped by 1.6 Yuan or 0.37% at 430.4 Yuan/barrel while MCX crude oil futures settled Rs.39 down at Rs.3897 yesterday. Both the global crude oil price futures fell around 1% in a thin trade yesterday.
Fundamentals remain unchanged. Fears of slowing economy prevail in the market and the current price trend indicates that it is impossible to escape the economic reality that we are in the midst of global manufacturing downturn. Today, I can only quote Alahdal's post to agree with him that the market expected some thing more than 'extending cuts' from OPEC meeting, Which didn't happen, Led the price to react in negative way, Following the OPEC meeting. Asian markets are opened under pressure today. U.S rig numbers may spur some volatility today.
Good day and happy week end to all.
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