:: Market News --- ID :: 15823
crude today/07-02-2019
worries lingering around

By Srinivas Chowdary Sunkara // petrobazaar // 7th February, 2019.

Brent rose 71 cents or 1.15 pct to $62.69 and WTI gained 35 cents or 0.65% to $54.01 a barrel last night. Bullish weekly U.S stock numbers extended support to oil prices yesterday. Markets continued to focus on tightening global oil supplies while strong U.S dollar and dampening market sentiment limited the gains during the yesterday's session. 

EIA reported that the U.S crude oil and gasoline stocks rose last week by 1.3Mb and 0.5Mb respectively which are lesser than expected. Distillates fuel oil stocks fell by 2.3Mb. All in all, It seems that the oil market fundamentals are tightening day by day. With ref to last week's Reuters report, OPEC+ delivered almost three quarters of its pledged cuts to evert any new supply glut. U.S sanctions on Venezuela yet to trigger oil prices sharply. U.S rig numbers were dropped as per last week's report and the latest report is awaited tomorrow to release. Asian markets are opened with a little gap down today. 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