By Srinivas Chowdary Sunkara // petrobazaar // 4th June, 2019.
Brent front month futures prices closed 71 cents down to $61.28 and WTI futures prices settled 25 cents down at $53.25 a barrel last night. Shanghai crude futures dropped by 32.4 Yuan at 429.6 Yuan/barrel while MCX crude futures prices went Rs.60 down to Rs.3715 yesterday.
Bearish bells are continued to ringing around the market. Mounting fears of trade worries stoked by fresh U.S tariffs on Mexico weighed on oil complex. A slump in equities also pressed oil prices as oil follows financial markets sometimes. Saudi's comment indicated further efforts to stabilise the market in the second half, kept floor for oil prices yesterday.
Currently, Oil markets shifted focus from supplies to elusive trade tariffs, Weakening economies which may falter oil demand. API numbers are awaited later today. Asian markets are opened red amid unchanged fundamentals. Oil prices are sensitive to any news currently. 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