By Srinivas Chowdary Sunkara // petrobazaar // 9th July, 2019.
Brent oil prices fell 12 cents to $64.11 and WTI prices rose 15 cents to $57.66 last night. Shanghai crude oil main contract futures closed 10.4 Yuan or 2.41% up at 441.7 Yuan/barrel where as MCX crude futures settled Rs.45 up at Rs.3978 yesterday. Both the global crude markers edged higher for much of the session and eased ahead of settlement yesterday.
Fundamentally speaking, Oil prices are more susceptible to current developments in Persian gulf. Lingering worries over slowing demand limit the gains. On the supply side, U.S crude oil production is consistently rising to meet new highs and outbound crude volume is branching out in new directions and news destinations every quarter while Iran oil output is currently at 2.37Mbpd down from 3.6 Mbpd in Q3 2018 prior to U.S sanctions. On the political side, U.S warned Iran on new nuclear threats on Monday. Turning to weekly data, ever trusted API data is awaited later today. Let us see the consensus on the numbers. Asian markets are trading down at the time of writing. I dont find any fundamental clues to push the prices either way.
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