By Srinivas Chowdary Sunkara // petrobazaar // 7th January, 2019.
Brent prices rose $1.46 or 2.61 pct to close at $57.41 and WTI prices went up by $1.22 or 2.59 pct to settle at $48.31 a barrel on Friday. Both the crude futures posted solid weekly gains of above 6 pct in the first week of 2019. Oil received support from falling supplies from OPEC + countries as assessed by some of the news outlets during the late last week. The EIA reported that the U.S crude production stood at record high level of 11.7 MPD while announcing that the products stocks were ballooned up for the week ended 28th Dec, 18.
In the first week of 2019, The sentiment was boosted by the Trump's tweet on the developments of U.S-China talks and further confirmation by China to held talks on Jan 7-8 in Beijing. Worries on faltering economies is still lingering around the market after the U.S economic numbers followed the China and Europe during the recent past, which is expected to dampen the oil demand amid supply glut worries. During the week, U.S-China trade talks and supply numbers are very likely to capture the market attention despite of weekly inventory numbers. Asian markets are opened with gap up today. Have a good day.
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