By Srinivas Chowdary Sunkara // petrobazaar // 8th July, 2019.
Brent oil prices rose 93 cents to $64.23 and WTI oil prices went 71 cents up to $57.51 a barrel on Friday. MCX crude oil futures prices settled Rs.36 up at Rs.3933 last week. Both the global crude benchmark futures traded low and Brent posted 3.4% loss while WTI shrank 1.5% at the end of the week.
Oil complex maintained a heavy feel that was set into motion early last week by mounting expectations that the global economic slowdown will impact the demand outlook. Last week, OPEC decision of extending the cuts and middle east tensions extended some support while mixed economic data limited the rally. Weekly inventory data disappointed the market where as the U.S drillers have withdrawn 5 nos of oil rigs.
Asian markets opened positively today adding to Friday's gains on better than expected U.S job data. Dimmer global economic growth continue to keep the market cautious. Monthly reports and weekly data may spur some volatility this week. Good day.
Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com